Race to Zero and GFANZ: Ensuring the rigour and impact of financial sector net zero commitments and action
The financial industry is a critical enabler of efforts to decarbonize the global economy. Supported and underpinned by strong policy action, every company, bank, insurer, and investor will need to adjust their business models, develop credible plans for the transition to a net zero-carbon, climate resilient future, and then implement those plans.
The United Nations Development Programme (UNDP) is bringing a ferocious, talking dinosaur to the United Nations’ headquarters to shine a spotlight on the hundreds of billions of dollars governments spend every year propping up the fossil fuel industry.
The Glasgow Financial Alliance for Net Zero (GFANZ) – a net zero alliance responsible for more than $90 TN in assets in 40 countries across the financial sector, chaired by UN Special Envoy Mark Carney – today publishes a call for greater and faster climate action from G20 leaders to build a net zero global financial system and meet the goals of the Paris Agreement.
Investing in nature and biodiversity has the potential to bring about both economic and ecological benefits that would greatly outweigh the near-term costs of transition.
“Many little children can no longer play outside as they would have some years back. The warming climate is shifting weather patterns in Zambia creating stronger and more frequent storms. In some months, the heat is unbearable” – Prudence Muchinouta’s letter to leaders.
The implications of the latest UNFCCC NDC Synthesis report could not be clearer: the world has not made anything like enough progress to tackle the climate crisis. Without immediate action, we risk losing our race to zero emissions and the better world promised by the Paris Agreement.
Over the past decade, global economic losses from weather events like storms, floods, droughts and wildfires have grown more costly. During the first decade of the 21st century, there were only two years when weather disasters cost more than $200 billion (including 2010).
“I was honoured to chair today’s second meeting of the Glasgow Financial Alliance for Net Zero (GFANZ) CEO Principals Group. The Group discussed the progress being made on GFANZ’s priorities, workstreams and deliverables for COP26 and beyond. We will continue to drive this work forward, to help unlock the systemic change needed to achieve the global transition to net zero.” – Mark Carney
As Europe aims to eliminate the sales of polluting vehicles by 2035, Monica Araya, Special Adviser, High Level Champion for Climate Action, COP26, considers how such an ambitious policy can transform electric transportation across the globe.
2030, nearly 40% of the world’s population will live in vulnerable housing. Disasters are increasing in frequency due to the impacts of climate change, and those living in lower income countries feel the consequences of climate change the greatest. CEO of Build Change, Elizabeth Hausler’s letter to world leaders.
“To the leaders of the developing countries, including my own, I would like to say: be bold! Show to the world your vision of how you want to transform your communities in order to survive AND thrive post-pandemic and amid continuous and exacerbated climate threats” — Vladislav Kaim, UN Secretary General’s Youth Advisor on Climate Change.
The heavy industry and long-distance transport sectors hold the key to avoiding the worst impacts of climate change. Show that we can decarbonize these, and we can decarbonize the whole global economy, argue Faustine Delasalle, Co-Executive Director, Mission Possible Partnership & Anthony Robert Hobley Co-Executive Director, Mission Possible Partnership.
“Climate change isn’t about countries: it’s about people. It’s about the world we want to live in for generations to come and the species we share it with. In other words, it’s far too important to leave just to world leaders – this crisis requires all of us to step up” – Governor of California, Gavin Newsom explains what’s at stake.
Formula One World Champion and winner of 23 Grands Prix, Nico Rosberg on the power of sport, gender equality and the future of e-mobility.
“Africa for years has been experiencing the impacts of climate change and these are becoming more and more catastrophic. It has been our past, it is our present and might become our future if we don’t Act Now.” Ugandan Climate Activist, Evelyn Acham’s submission to the Our World in Your Hands project.
“We are building commitment to a whole economy transition because we know we won’t get to net zero in a niche” – Mark Carney, UK Prime Minister’s Finance Advisor and UN Special Envoy for Climate Action and Finance, speech at the Venice International Climate Conference.
Most buildings were designed for an earlier climate – here’s what will happen as global warming accelerates
The sooner we begin retrofitting existing buildings and constructing new ones that can withstand climate change, the better, argues Ran Boydell, Visiting Lecturer in Sustainable Development, Heriot-Watt University.