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London to become the world’s first ‘net zero finance centre’

GLASGOW (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. The initiative is aimed at getting the biggest financial institutions in the world to increase their contributions towards achieving net zero carbon emissions by mid-century.

With industries across economies, accelerating their efforts to achieve the net zero emissions target by 2050, there is increasing pressure on the global financial sector to also play its part in the climate battle, and this is why building a financial system which takes climate change into account in every decision it takes has been a critical goal of this year’s Conference of the Parties (COP26). 

In a major achievement in reaching this target, United Kingdom’s Chancellor of the Exchequer, Rishi Sunak, announced on the second day of the climate summit that the City of London would become…

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