Two years of GFANZ: navigating portfolio decarbonization in the financial industry
The Glasgow Financial Alliance for Net Zero (GFANZ), a community of over 550 global financial institutions, will be celebrating its second anniversary in April. Established in 2021 by the UN Special Envoy on Climate Action and Finance Mark Carney and the COP26 presidency, GFANZ has been instrumental in raising awareness and creating a strong presence in the financial industry around the importance of fully decarbonizing portfolios by 2050.
Decarbonizing portfolios has become increasingly important for banks as the world moves towards a low-carbon economy. The Intergovernmental Panel on Climate Change (IPCC) has warned that the world must reach net-zero emissions by 2050 to prevent the worst impacts of climate change. As such, decarbonizing portfolios is no longer a mere social responsibility, but a business necessity too.
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