The Glasgow Financial Alliance for Net Zero, the global coalition of financial sector net-zero alliances representing 40% of global private financial assets, will focus next year on nature and transition planning, index-based investment and measuring impact, it said at COP28's Finance Day Dec. 4.
In a 2023 progress report, GFANZ said there has been "tangible momentum" on transition planning, mobilizing capital in emerging and developing markets and other goals. Membership rose more than 20% in sector-specific alliances affiliated with GFANZ that now represent more than 675 financial institutions, including asset owners, asset managers and investment consultants in 50 countries, it said.
The GFANZ Principals Group co-chaired by Michael R. Bloomberg, U.N. Special Envoy on Climate Ambition and Solutions, and Mark Carney, U.N. Special Envoy on Climate Action and Finance, said at COP28 that 2024 priorities will include integrating nature into net-zero transition plans, supporting development of the next generation of net-zero indices to help investors better align index-based investment with the net-zero transition, and working with partners on decarbonization contribution methodologies to scale transition finance and support adoption.
Other 2024 priorities include real economy decarbonization, unlocking high-integrity carbon markets and supporting country platforms for private financing solutions, they said.