GFANZ 1st Birthday Letter

The letter asserts that GFANZ is acting as a "smokescreen" for the financial sector's lack of progress on decarbonization. It highlights a gap between GFANZ's goal of halving emissions by 2030 and the reality that many members continue to fund new coal, oil, and gas projects. The authors demand that GFANZ implement interim milestones, absolute emission targets, mandatory Scope 3 targets for fossil fuel companies, and a ban on using offsets to meet 2030 targets.

• The authors argue that GFANZ is failing to enforce the IEA's conclusion that no new fossil fuel supply projects are compatible with a 1.5°C carbon budget, noting that no GFANZ alliance has required members to stop supporting companies investing in fossil expansion.
• Analysis of the largest GFANZ members reveals a lack of robust coal policies: as of April 2022, only 60 out of 240 of the largest members had policies excluding support for new coal projects, and only 11 had robust policies covering all new coal mines, plants, and infrastructure.
• The document reports that GFANZ members continue to provide massive financial support to fossil fuel expanders. In 2021, the 44 largest Net-Zero Banking Alliance members provided $143.6 billion to the top 75 oil and gas expanders, including $11.6 billion to QatarEnergy, $13 billion to Saudi Aramco, and $10 billion to ExxonMobil.
• The letter identifies significant investment in coal by GFANZ members through the Net Zero Asset Managers initiative, stating that six of the eight top holders of global coal stocks and bonds as of November 2021 were GFANZ members, with assets valued at $299 billion.
• To achieve the goal of halving emissions by 2030, the authors demand four specific policy changes: setting interim milestones before 2030, complementing carbon intensity targets with absolute emission targets, making Scope 3 targets mandatory for fossil fuel and power companies, and excluding the use of offsets.

APA

Reclaim Finance (2022). GFANZ 1st Birthday Letter. https://reclaimfinance.org/site/wp-content/uploads/2022/04/GFANZ-1st-Birthday-Letter.pdf

Chicago

Reclaim Finance. GFANZ 1st Birthday Letter. 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/04/GFANZ-1st-Birthday-Letter.pdf.

Wikipedia

{{cite press release |author=Reclaim Finance |title=GFANZ 1st Birthday Letter |date=21 April 2022 |url=https://reclaimfinance.org/site/wp-content/uploads/2022/04/GFANZ-1st-Birthday-Letter.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{reclaimfinance2022gfanz, author = {{Reclaim Finance}}, title = {{GFANZ 1st Birthday Letter}}, publisher = {Reclaim Finance}, year = {2022}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/04/GFANZ-1st-Birthday-Letter.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }