#gfanz — Public Fediverse posts

Mark Campanale: “Where we do see institutions peeling away from #GFANZ, this reflects a knee-jerk reaction to political pressure, rather than a long-term assessment of the genuine risks climate impacts will have on banks, pensions or insurer balance sheets https://buff.ly/40sNsWn

"They found that banks in the [Glasgow Financial Alliance for Net Zero (#GFANZ)] did not increase interest rates on loans to companies with high carbon #emissions.

But a BloombergNEF research report showed that banks in the alliance deployed a much greater percentage of their finance into #CleanEnergy than banks that weren’t in the alliance."

“Our results cast doubt on the efficacy of voluntary climate commitments for reducing financed emissions," they wrote

https://www.cnn.com/2024/04/10/investing/premarket-stocks-trading/index.html

#GFANZ has proposed a new & problematic methodology for financial institutions (FI's) that credits FI's with #emissions *theoretically avoided as a result of their financing activities, aka: “Expected Emissions Reduction” (EER) https://www.sierraclub.org/articles/2023/12/new-paradigm-greenwashing-global-net-zero-finance-initiative-takes-worrying-step #greenwashing #COP28

Lo and behold, Republican lawmakers and attorneys general acting in the interests of the oil and gas industry (& against the public interest) threaten to make life difficult for insurance companies in #GFANZ, as Ian Smith and Kenza Bryan report.

And it seems to be succeeding. Their argument is that #GFANZ is collusion in violation of antitrust laws. Industry insiders claim this would probably not hold water in front of a judge, but they'd prefer not to test it. 7/N

https://www.ft.com/content/4940831b-72ec-459d-aaee-0d86fb7593df

However, if many fund managers coordinate to invest in green, they can be confident of together being able to make policymakers implement tough carbon pricing, making green investments competitive & driving polluting fossil fuels out of the market -- which we want.

That is why coordination between private investment decisions -- ensuring a whole lot of funds is directed into green investments -- is crucial, and why voluntary actions such as
Mark Carney's #GFANZ was good news. 5/N

@helentbiz reports on very bad news: a voluntary financial sector alliance to tackle climate change, #GFANZ, is breaking down under attack by (US) Republican politicians & officials. The political fight over the #GreenTransition is getting ugly. And the opponents of ambitious #ClimateAction have a natural upper hand: they are defending the status quo. 1/N

https://www.ft.com/content/0b809918-b489-4ed5-8224-0ccdbb674296

Going beyond redirecting the #MoneyPipeline from dirty to #CleanEnergy, #GFANZ floats the possibility of a MANAGED PHASEOUT of coal plants in Asia.

"The world’s biggest #ClimateFinance alliance has launched a public consultation on its guidance for financial institutions and others working to accelerate the managed #phaseout of #coal power in Asia."

#MPO
https://www.bloomberg.com/news/articles/2023-06-05/top-climate-finance-group-consults-on-asia-coal-phaseout-guidance

#GFANZ says (U.S 🇺🇸) “political attacks” are interfering with insurers’ “efforts to price #ClimateRisk, which will harm policyholders, main-street investors & local economies”. It pledged to continue to support insurers’ efforts to develop transition plans https://www.ft.com/content/4940831b-72ec-459d-aaee-0d86fb7593df

Three of Europe’s 🇪🇺 biggest insurers, Axa, Allianz & Scor have quit the #NetZero Insurance Alliance as growing US 🇺🇸 political pressure & legal anti-trust fears plunge the #GFANZ climate initiative into crisis https://www.ft.com/content/4940831b-72ec-459d-aaee-0d86fb7593df

Unsere Freund*innen von @BreakfreeCH haben sich in mehreren Städten @pictet als RWEs viertgrößten Anteilseigner vorgenommen und ihnen ihre Kohle zurückgebracht...
https://twitter.com/BreakfreeCH/status/1616087604780470272

[3/7]
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RT @BreakfreeCH
Geneva-based @PictetAM claims to be a sustainable finance investor #GFANZ
In the same time, the 4th largest shareholder of RWE allows the 🇩🇪 coal firm to dig more & expel Lützerath climate de…
https://twitter.com/BreakfreeCH/status/1616087604780470272

Despite their membership in the Glasgow Financial Alliance for Net Zero (#GFANZ), financial institutions around the world are still supporting fossil fuel expansion with billions of dollars.
https://sgvoice.energyvoice.com/strategy/research/23755/gfanz-members-under-fire-over-fossil-fuel-financing/

Wir fordern die #GFANZ-Initiative dazu auf, ihre Mitglieder zur sofortigen Beendigung der Finanzierung fossiler Expansion zu verpflichten. Denn nur so kann die Finanzbranche im Einklang mit der Klimawissenschaft das Netto-Null-Ziel bis 2050 erreichen.

Seit dem Beitritt zu #GFANZ (+ der Verpflichtung zu Netto-Null!) haben 56 der größten Banken in der Net-Zero Banking Alliance #NZBA (einer GFANZ-Allianz) 269 Milliarden US-Dollar an 102 große Expansionsunternehmen für fossile Brennstoffe bereitgestellt.

"[#GFANZ members, question] if climate commitments would run afoul of firms’ fiduciary duties (by steering investors away from profitable-but-polluting investments), and if they would be able to abide by the United Nations’ #climate targets."

It's time for an update on the definition of #FiduciaryDuty to include the safeguarding of the future: after all, a lot of these moneys are held by #pension funds to ensure a comfortable future when people retire.

https://grist.org/economics/vanguard-asset-managers-net-zero-esg/

There's been little evidence of leadership or reduction of #FossilFuel financing in the #GFANZ coalition of investors & banks argues Michael Northrop. Investors have already committed to finance more fossil fuels than the atmosphere can safely absorb🛢️📈⚠️ https://www.environmental-finance.com/content/analysis/leadership-does-not-equal-gfanz.html

Mark Carney's eco-finance alliance may be falling apart due to fears of American banks being sued for not being green enough.

https://financialpost.com/fp-finance/banking/banks-threaten-leave-mark-carneys-green-alliance-over-legal-risks

#ESG #GFANZ