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Trillion alliance for climate protection

With the Glasgow Financial Alliance for Net Zero (GFANZ), private banks, insurers, and investors committed on Wednesday to put limiting climate change at the heart of their work. The firms manage a combined sum of around $130 trillion. However, the effectiveness of the project remains to be seen.

By
Lukas Scheid
Image of Lukas Scheid

The members of the alliance, which account for around 40 percent of global capital, declared at the global climate conference in Glasgow (COP26) that they want to take on a “fair share” of the efforts to phase out fossil fuels. They want to make their portfolios carbon-neutral by 2050 by shifting their investments to renewable energy and sustainable economies.

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