An uprising by banks in the United Nations-sponsored climate coalition Glasgow Financial Alliance for Net Zero has been quelled, but opened wounds that could weaken an alliance meant to funnel trillions of dollars to fund the transition away from fossil fuels, per the Wall Street Journal.
“GFANZ needs to answer the question: ‘What is it for and what is it trying to achieve?’” said Ben Caldecott, director of the University of Oxford’s Sustainable Finance Group and an adviser to investors and the U.K. government on climate issues.