Carney and Bloomberg need to name and shame the GFANZ laggards

One year after COP26, GFANZ has expanded to over 150 trillion USD in assets but faces criticism for uneven progress across its sectoral alliances and a weakened link to the Race to Zero campaign. The author contends that the alliance's reliance on voluntary carbon markets and vague targets—such as those from Vanguard and BMO Global Asset Manager—undermines its goals, urging leadership to 'name and shame' members who fail to align their portfolios with net zero emissions.

• GFANZ has grown significantly in scale since COP26, adding 100 members to reach a total of 550, with managed and owned assets exceeding US$150 trillion, which represents approximately 40% of global private financial assets.
• Progress across GFANZ's seven sectoral alliances is uneven; the Net Zero Investment Consultants Initiative and Net Zero Financial Service Providers Alliance have produced no public statements or publications since September 2021, and the Net Zero Insurance Alliance has not yet finalized its target-setting protocol.
• The Net Zero Asset Managers initiative (NZAM) is criticized for using confusing targets based on the percentage of assets aligned with net zero rather than absolute emission cuts, leading to targets the author describes as 'farcically inadequate,' such as Vanguard's 4% and BMO Global Asset Manager's 0.55%.
• GFANZ has weakened its relationship with the Race to Zero campaign, moving from a requirement that all members align with its criteria to merely 'encouraging' partnership, a shift attributed to pressure from US banks.
• The author views GFANZ's promotion of voluntary carbon markets and offsets as a 'dangerous distraction' from the necessary work of reducing emissions.

APA

Martin, L. (2022). Carney and Bloomberg need to name and shame the GFANZ laggards. Reclaim Finance. https://reclaimfinance.org/site/en/2022/11/07/carney-and-bloomberg-need-to-name-and-shame-the-gfanz-laggards/

Chicago

Martin, Léo. Carney and Bloomberg need to name and shame the GFANZ laggards. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/11/07/carney-and-bloomberg-need-to-name-and-shame-the-gfanz-laggards/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=Carney and Bloomberg need to name and shame the GFANZ laggards |publisher=Reclaim Finance |date=7 November 2022 |url=https://reclaimfinance.org/site/en/2022/11/07/carney-and-bloomberg-need-to-name-and-shame-the-gfanz-laggards/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2022carney, author = {Martin, Léo}, title = {{Carney and Bloomberg need to name and shame the GFANZ laggards}}, publisher = {Reclaim Finance}, year = {2022}, month = nov, url = {https://reclaimfinance.org/site/en/2022/11/07/carney-and-bloomberg-need-to-name-and-shame-the-gfanz-laggards/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }