March 23, 2023
  • 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.


  • 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.
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