Concerns grow over banks’ climate commitments as GFANZ loosens mandate
The move comes after several financial institutions decided to leave UN-backed climate initiatives, such as NZBA.
A decision by the Glasgow Financial Alliance for Net Zero (GFANZ) to loosen its mandate has sparked renewed concerns that banks may be backtracking on their climate commitments.
GFANZ has announced that it will transition to a CEO-led group for all financial institutions working to mobilise capital for the global energy transition – effectively removing the strict joining criteria that pushed members to commit to science-based, Paris-aligned climate targets.
