GFANZ needs to tighten its recommendations on transition plans

Reclaim Finance has submitted comments to the Glasgow Financial Alliance on Net Zero (GFANZ) regarding its draft recommendations for net-zero transition plans. The organization argues that the current draft lacks sufficient emphasis on critical requirements, such as an immediate end to financing fossil fuel expansion and a commitment to a "fair share" of the 50% global emissions reduction needed by 2030. Reclaim Finance further suggests that GFANZ should implement stricter accountability measures, including the delisting of members who fail to adopt credible plans and ensuring that engagement with clients prevents the sale of high-emitting assets to other operators.

• Reclaim Finance identifies several critical gaps in the GFANZ draft recommendations, specifically the lack of emphasis on ending fossil fuel expansion and the absence of clear targets for phasing out financial support for fossil fuels on a 1.5°C-aligned timetable.
• The GFANZ draft is criticized for failing to highlight the requirement for members to commit to a "fair share" of the 50% reduction in global emissions by 2030, a target that appears only once in a footnote within the 103-page document.
• To ensure accountability, Reclaim Finance proposes that GFANZ delist financial institution members who do not adopt credible transition plans and that members make such plans a condition for providing financial services to clients.
• Reclaim Finance recommends that GFANZ clarify that engagement with clients should prevent the sale of high-emitting assets to other operators and that members should not provide financing or advisory services for such transactions.
• The organization suggests expanding the section on escalation strategies in corporate engagement to include defined demands, benchmarks, deadlines, and transparent disclosure of voting records and engagement results.

APA

admin (2022). GFANZ needs to tighten its recommendations on transition plans. Reclaim Finance. https://reclaimfinance.org/site/en/2022/07/20/gfanz-needs-to-tighten-its-recommendations-on-transition-plans/

Chicago

admin. GFANZ needs to tighten its recommendations on transition plans. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/07/20/gfanz-needs-to-tighten-its-recommendations-on-transition-plans/.

Wikipedia

{{cite press release |last1=admin |title=GFANZ needs to tighten its recommendations on transition plans |publisher=Reclaim Finance |date=20 July 2022 |url=https://reclaimfinance.org/site/en/2022/07/20/gfanz-needs-to-tighten-its-recommendations-on-transition-plans/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2022gfanz, author = {admin}, title = {{GFANZ needs to tighten its recommendations on transition plans}}, publisher = {Reclaim Finance}, year = {2022}, month = jul, url = {https://reclaimfinance.org/site/en/2022/07/20/gfanz-needs-to-tighten-its-recommendations-on-transition-plans/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }