Glasgow Financial Alliance for Net Zero (GFANZ)
A coalition launched in April 2021 that brought together the finance sector alliances for net zero, including the insurers' alliance.
Before COP26, each line of finance had its own net zero alliance: banks, asset managers, asset owners, insurers. GFANZ sat above them, to add up their commitments and give them common methods for transition plans. The figure announced in Glasgow, assets of more than 130 trillion dollars, was one of the conference's headlines. It added up balance sheets without measuring reductions, however, and the alliances later lost members under pressure from US anti-ESG campaigns and antitrust risk, starting with the insurers' alliance. GFANZ refocused its mandate on mobilizing transition finance rather than policing commitments.
Launched in April 2021 by Mark Carney, then UN Special Envoy for Climate Action and Finance, the alliance claimed at COP26 in November 2021 more than 450 firms in 45 countries, representing more than 130 trillion dollars in assets.
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