allowing some of the biggest banks in the world to use him as cover to keep funding fossil fuels. On Thursday (7 October) several local newspapers published fill-page ads of a coalition of nearly hundred environment groups from Canada and around the world, who called on the former central bank governor strengthen the membership requirements of the GFANZ.
“While we applaud your role in establishing frameworks to help green the financial system, too many signatory banks and other financial institutions are using GFANZ and ‘Net Zero’ promises as greenwash, empty promises without meaningful actions or clear accountability,” read the ad which was printed beside a photo of Carney superimposed on a background of flooding waters, smoke stacks and wildfires.
It is believed that the membership in the net-zero banking alliance is granted to banks and other financial institutions based on a pledge that they will divest from fossil fuels and set targets to invest in green energy projects, although there is no such requirement to make good on these promises. Nevertheless, the association is expected to play a critical role at the Conference of Parties (COP) this year, where climate funding will be a key topic of discussion, as the most venerable nations continue to call on developed economies to assist them in adapting and responding to the climate crisis.
