The Globe And Mail

Introduction of The Globe And Mail Website Copy and Content Writing​. The Globe And Mail Website Copy and Content Writing​. A global alliance of financial institutions aiming for net-zero carbon emissions can still reach its goals even after relaxing its criteria for membership, says Mark Carney, the multitrillion-dollar group’s co-founder.

Banks, insurers and asset managers in the group, known as the Glasgow Financial Alliance for Net Zero, or GFANZ, are now free to pursue their own decarbonization strategies, Mr. Carney said on Thursday, in an interview ahead of this month’s COP27 climate summit in Egypt. That will open up the field to a variety of strategies tailored for each one, he added.

GFANZ originally required member institutions to align their decarbonization plans with Race to Zero, a United Nations climate campaign that called for them to “phase down and out” financing of new fossil fuel assets, and to make no new investments in coal. But GFANZ’s solidarity was threatened earlier this year when large U.S. and Canadian banks began to worry that lockstep divestment in those areas would expose them to antitrust enforcement.