Financial groups seek ‘clear, credible and ambitious’ climate action from G20

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* Carney-led GFANZ issues call to action ahead of COP26

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* The group seeks broad policy changes to expedite action

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* Requests include phasing out fossil fuel subsidies

LONDON, Oct 11 (Businesshala) – Financial services groups responsible for more than $90 trillion in assets on Monday called on leaders of the world’s largest economies to pursue “clear, credible and ambitious” policies to fight climate change. called upon.

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The Glasgow Financial Alliance for Net Zero, chaired by UN climate envoy Mark Carney, said the policies, taken together, would restructure the global financial system and accelerate the world’s transition to a low-carbon economy.

The call to action by GFANZ members is the latest in requests from big businesses for government action and comes ahead of the next round of global climate talks in Glasgow in November.

Among specific requests, the GFANZ called on governments to set economy-wide net-zero targets, which are in line with the global goal of keeping global warming no more than 1.5 °C above pre-industrial norms by the middle of the century.

He called for the phasing out of fossil fuel subsidies, and the price of carbon emissions, to explicitly support the transition to fiscal regulations. Public and private enterprises should also be forced to disclose net zero transition plans and climate reporting by 2024.

He added that as well as unlocking the trillions of dollars needed to fund the transition, including in emerging markets, governments need to support small and medium-sized businesses and communities to ensure “just transition”.

Carney said, “Through GFANZ, the best of the global financial system has committed to zero zero…

“The next few weeks in this pivotal decade will help determine whether we avoid climate catastrophe. The core of the financial sector is moving forward – it’s time for major economies to do the same.”

Intended as a policy advocacy document for use by policymakers from the Group of 20 industrialized countries, GFANZ said it would be discussed with political leaders at the COP26 climate talks.

Ana Botín, Group Executive Chairman of Banco Santander, said: “We need an immediate and coordinated global response if we are to prevent a potentially catastrophic rise in global temperatures.

“To maximize our impact, governments and regulators urgently need to work together to set a clear path to net zero and reset global financial regulations to support a fair transition. ” (Reporting by Simon Jessop; Editing by Nick McPhee)

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