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The GFANZ Report Summary

Published: Nov. 3, 2021

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- Over $130 trillion of private capital from 450 financial groups is now committed to set net-zero pledges.

- Mark Carney said that the architecture of the global financial system had been “transformed” to deliver net zero. ":We now have the essential plumbing in place to move climate change from the fringes to the forefront of finance so that every financial decision takes climate change into account,” he said. “Only this mainstream focus can finance the estimated $100 trillion of investment needed over the next three decades for a clean energy future.”

- All GFANZ members must align with the so-called Race to Zero criteria, meaning they have to use science-based guidelines to reach net-zero emissions across all emissions scopes by 2050, and set 2030 interim targets that represent a fair share of the 50% decarbonisation required by the end of the decade.

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