Top climate group for asset managers and banks makes changes

Written by Adam Cadle

02/01/2025

The Glasgow Financial Alliance for Net Zero (GFANZ) is making adjustments after several high-profile insurers, asset managers and banks opted out.

The Alliance, established in 2021, will change its relationship with these sub groups, meaning that companies will be able to draw on GFANZ for guidance and assistance, but won’t need to align their operations with the goals of the Paris climate agreement.

Going forward, GFANZ said it will allow “any financial institution working to mobilise capital and lower the barriers to financing energy transition to participate”.

“Without private finance, there can be no global energy transition,” GFANZ added. “For that reason, in 2025 and beyond, GFANZ will redouble its effort to mobilise private capital.”

Under GFANZ’s new structure, companies that aren’t members of a net-zero group will be free to work with the alliance.

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