TORONTO (CU)_In April this year, the UNFCCC Climate Action Champions, the UN Race to Zero campaign and the 2021 Conference of the Parties (COP26), partnered with UN Special Envoy for Climate Action and Finance Mark Carney to establish the Glasgow Financial Alliance for Net Zero (GFANZ), commonly known as the net-zero banking alliance, which is aimed at getting the biggest financial institutions in the world to increase their contributions towards achieving net zero carbon emissions by mid-century. At the time, more than 60 banks, representing more than US$40 trillion in total assets, joined the alliance, who pledged to align their lending and investment portfolios with the 2050 net-zero emissions target, and to commit to several other immediate reduction targets to achieved by the end of this decade.
So far, it was only…
