Financial institutions signed up to GFANZ initiative accused of acting as ‘climate arsonists’.

• Banks still investing heavily in fossil fuels despite net zero pledges – study
• According to a report, Glasgow Financial Alliance for Net Zero (GFANZ) members are continuing to finance expansion of coal, oil and fossil gas industries.

About GFANZ

• GFANZ is world’s largest coalition of financial institutions committed to transitioning global economy to net-zero greenhouse gas emission.
• It aims to coordinate efforts across all sectors of the financial system to accelerate the transition to a net-zero global economy.
• It was launched in 2021 by UN Special Envoy on Climate Action and Finance and COP26 presidency, in partnership with UNFCCC Race to Zero campaign.
• It has over 550 members from 50 jurisdictions.