GFANZ must tighten the screw on fossil fuel expansion

The statement calls for the Glasgow Financial Alliance on Net Zero (GFANZ) to end its support for fossil fuel expansion, citing scientific evidence from the IPCC and IEA that new coal, oil, and gas projects are incompatible with limiting global warming to 1.5°C. It criticizes GFANZ leaders and CEOs from member institutions, such as Citigroup and Standard Chartered, for downplaying the urgency of a transition and for continuing to enable the development of 'carbon bombs'—large-scale projects that threaten the global carbon budget.

• The IPCC's Sixth Assessment Report (AR6) indicates that limiting warming to 1.5°C requires a 50% reduction in carbon dioxide emissions between 2019 and 2030, and a 45% reduction in overall greenhouse gas emissions, necessitating a rapid transition to a renewable-powered economy.
• The International Energy Agency (IEA) stated in May 2021 that net-zero pathways leave no room for new investments that expand the supply of fossil gas, oil, or coal.
• A study in Energy Policy identified 169 planned 'carbon bombs'—comprising 93 coal mines and 76 oil and gas projects—which could release 419 billion tonnes of CO2, an amount 5% higher than the total IPCC estimate for the 2020-2050 period to maintain a 67% chance of staying below 1.5°C.
• The author criticizes GFANZ leadership and affiliated CEOs, including Jane Fraser of Citigroup and Bill Winters of Standard Chartered, for resisting the immediate cessation of fossil fuel expansion and misrepresenting scientific demands as unrealistic requests to shut down the economy overnight.

APA

admin (2022). GFANZ must tighten the screw on fossil fuel expansion. Reclaim Finance. https://reclaimfinance.org/site/en/2022/06/02/gfanz-must-tighten-the-screw-on-fossil-fuel-expansion/

Chicago

admin. GFANZ must tighten the screw on fossil fuel expansion. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/06/02/gfanz-must-tighten-the-screw-on-fossil-fuel-expansion/.

Wikipedia

{{cite press release |last1=admin |title=GFANZ must tighten the screw on fossil fuel expansion |publisher=Reclaim Finance |date=2 June 2022 |url=https://reclaimfinance.org/site/en/2022/06/02/gfanz-must-tighten-the-screw-on-fossil-fuel-expansion/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2022gfanz, author = {admin}, title = {{GFANZ must tighten the screw on fossil fuel expansion}}, publisher = {Reclaim Finance}, year = {2022}, month = jun, url = {https://reclaimfinance.org/site/en/2022/06/02/gfanz-must-tighten-the-screw-on-fossil-fuel-expansion/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }