The Glasgow Financial Alliance for Net Zero has faced possible defections from heavyweight firms unhappy with the potential addition of binding restrictions on fossil finance.
The world’s biggest climate-finance alliance has sought to dismiss reports that a number of Wall Street banks are threatening to leave, as it races to bring its house in order in the run-up to next month’s COP27 climate summit.on Saturday, a spokesperson for the Glasgow Financial Alliance for Net Zero said the group has “received no indication from any of our members that they intend to leave.
But there are already concerns being raised in some corners that the ostensible sidelining of science represents a worrying development. Al Gore, the former US vice president turned climate activist, last month warned that investors are growing increasingly impatient with evidence of potential “greenwashing” amid signs that net-zero pledges made by some members of the financial industry aren’t credible.
Allowing the sub-alliances, whose boards are heavily represented by the finance industry, to set their own terms is a dangerous move, according to climate nonprofits. “Even before the revelations that some banks may leave GFANZ in opposition to real climate action, there were plenty of doubts that the alliance could really deliver on net zero,” she said before Saturday’s statement was released. “The outcome of this issue will tell us decisively whether we should expect banks to lead the climate fight or act simply as agents of greenwashing.”
“The net-zero journey for banks is very challenging,” said Antoni Ballabriga, global head of responsible business sustainability at Spanish bank BBVA. “We will only succeed in achieving this objective if our clients and other stakeholders also play their part.”
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street dives, oil surges as investors prepare for more rate hikes By ReutersWall Street dives, oil surges as investors prepare for more rate hikes
Read more »
Wall Street ends sharply lower as jobs report cements rate hike regime By Reuters*STOCKS TANK, TREASURY YIELDS SPIKE AS JOBS REPORT DASHES HOPES OF FED PIVOT -
Read more »
OSHA orders ExxonMobile to reinstate fired whistleblowers, pay $800KA federal investigation found the oil giant had illegally fired two employees suspected of leaking information to the Wall Street Journal.
Read more »
Public banking advocates issue Mayor Jim Kenney a ‘people’s subpoena’ to establish a new financial authoritySupporters say public banks save taxpayer money by preventing the city from having to pay fees to Wall Street, while also allowing the city to prioritize lending to underserved businesses.
Read more »