Time for financial institutions to show urgency on halving emissions by 2030

The statement criticizes the Glasgow Financial Alliance for Net Zero (GFANZ) and its member alliances for a lack of urgency in meeting the '50x30' target of halving emissions by 2030. It highlights that most alliances lack near-term targets, allow the use of emission intensity metrics instead of absolute emissions, and fail to prohibit the financing of fossil fuel expansion.

• Despite the commitment to the UN’s Race to Zero Campaign to cut emissions by 50% by 2030, very few GFANZ alliances or their members have adopted the necessary policies to deliver this target.
• Most GFANZ alliances lack urgent target-setting requirements; only the Net-Zero Asset Owner Alliance (AOA) requires members to set targets for 2025 or any year prior to 2030.
• The Net-Zero Banking Alliance (NZBA) allows banks a timeline that delays the disclosure of action plans until April 2025, with target setting for high-carbon sectors potentially taking until April 2024.
• The use of emission intensity targets rather than absolute carbon tonnage allows for real-world emissions to increase even while institutions claim reductions.
• GFANZ alliances generally lack clear prohibitions on financing fossil fuel expansion, and many AOA members lack robust policies to exclude coal developers.

APA

admin (2022). Time for financial institutions to show urgency on halving emissions by 2030. Reclaim Finance. https://reclaimfinance.org/site/en/2022/02/02/time-for-financial-institutions-to-show-urgency-on-halving-emissions-by-2030/

Chicago

admin. Time for financial institutions to show urgency on halving emissions by 2030. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/02/02/time-for-financial-institutions-to-show-urgency-on-halving-emissions-by-2030/.

Wikipedia

{{cite press release |last1=admin |title=Time for financial institutions to show urgency on halving emissions by 2030 |publisher=Reclaim Finance |date=2 February 2022 |url=https://reclaimfinance.org/site/en/2022/02/02/time-for-financial-institutions-to-show-urgency-on-halving-emissions-by-2030/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2022time, author = {admin}, title = {{Time for financial institutions to show urgency on halving emissions by 2030}}, publisher = {Reclaim Finance}, year = {2022}, month = feb, url = {https://reclaimfinance.org/site/en/2022/02/02/time-for-financial-institutions-to-show-urgency-on-halving-emissions-by-2030/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }