For some bankers, net-zero is like a new year’s resolution – a pledge one makes and often breaks before a year has passed, reports Alistair Marsh for Bloomberg.
Members of the the Glasgow Financial Alliance for Net Zero (GFANZ) publicly committed their banks to reach net-zero carbon emissions by midcentury. Banks were irked when United Nations-backed Race to Zero proposed binding restrictions on fossil-fuel finance, reported Bloomberg.
GFANZ’s relationship with Race to Zero now “looks like it will soon snap,” says Ben Caldecott, director of the Oxford Sustainable Finance Group.
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