9th December 2021
Sanlam: Banks and their role in climate change
At the end of the first week of COP26 the Glasgow Financial Alliance for Net Zero (GFANZ) committed over $130 trillion of private capital to transforming the economy for net zero. Firms across the entire finance spectrum have committed to high ambition, science-based targets, including achieving net zero emissions by 2050 at the latest, delivering their fair share of 50% emission reductions this decade, and reviewing their targets towards this, every five years.
Mark Carney, UN Special Envoy for Climate Action and Finance and the co-chair of GFANZ, said: “The architecture of the global financial system has been transformed to deliver net zero. We now have the essential plumbing in place to move climate change from the fringes to the forefront of finance so that every financial decision takes climate change into account. Only this mainstream focus can finance the estimated $100 trillion of investment needed over the next three decades for a clean energy future”.
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