By coming together and being bold in the face of risk, we can revolutionize the role of CFO and strengthen climate resilience in operations, supply chains and the market, argues WEF CFO, Julien Gattoni.
GFANZ calls for greater and faster climate action from G20 leaders
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.
GFANZ’s Call to Action recognises the critical role financial services firms must play to support the transition to a green economy, which requires annual clean energy investment to more than triple by 2030 to around $4 trillion. However, if the world is to achieve an orderly transition to Net Zero – and so avoid the massive human, social, economic loss and financial instability associated with failing to meet the objectives of the Paris Agreement – more governments must follow through on the commitments of the Paris Agreement and ensure a Just Transition to a net zero global economy.
With $468 trillion in assets across the globe, fully addressing the climate, biodiversity and land degradation crises – in a way that is aligned with commercial objectives – is fully within the reach of financial markets, writes Frannie Leautier, Partner, CEO of SouthBridge Investment.
Unlocking access to trillions of dollars’ worth of public and private climate finance, especially in developing countries, is critical to achieving the objectives of the UNFCCC, the goals of the Paris Agreement, and the 2030 Agenda for Sustainable Development.