Discover and read the best of Twitter Threads about #gfanz
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Breaking: Big banks who have made net-zero commitments and joined NZ alliances have provided more than $269 billion to fossil fuel expansionists
More focused on greenwashing then being part of the solution to the climate crisis.
#GFANZ #NetZero
stand.earth/press-releases…
More focused on greenwashing then being part of the solution to the climate crisis.
#GFANZ #NetZero
stand.earth/press-releases…
Top fossil fuel expansion financiers include @RBC @Citi @BMO and @BankofAmerica.
RBC: $9.8 billion
Citi: $30.5 billion
BOA: $22.8 billion
BMO: $5.5 billion
All going into companies building new fossil fuel infrastructure when we should be phasing down usage.
RBC: $9.8 billion
Citi: $30.5 billion
BOA: $22.8 billion
BMO: $5.5 billion
All going into companies building new fossil fuel infrastructure when we should be phasing down usage.
Asset managers like @BlackRock aren't any better. The biggest members of the Net-Zero Asset Managers alliance held at least US$847 billion of stocks and bonds in 201 major fossil fuel expansionist companies as of September 2022
ESG wobbles as reality imposes itself.
Divest ESG now!
Divest ESG now!
One of the main premises of ESG and 'stranded assets' is that companies that fail to disclose risks to investors, for e.g. from climate change itself, or from climate policy, will face litigation.
ESG firms and campaigns have much greater liability in this respect.
ESG firms and campaigns have much greater liability in this respect.
Did ESG lobbyists and activist shareholders properly enumerate the risks of ESG, or did they fraudulently mislead investors and companies? Did they profit from it? What if the ESG bubble bursts, making ESG assets "stranded"?
Have you ever been curious about how public asset managers are trying to figure out implementing Net Zero across portfolios? Bunch of approaches all with their own nuances and pros/cons. GFANZ portfolio alignment released updated guidance - 140 pages. Here are some highlights.🧵
4 categories of alignment metrics: In increasing complexity, they are 1) binary, 2) maturity scale alignment, 3) benchmark divergence, & 4) implied temperature rise (ITR)
Metrics should be simple, transparent, science-based, broadly applicable, aggregable, and incentive optimal
Metrics should be simple, transparent, science-based, broadly applicable, aggregable, and incentive optimal
Each of these has their own merits and nuances and none of them are perfect in isolation. Unless you have unlimited resource/time, you're likely opting for 1-2 of these approaches.
A drawback of these metrics is that there may be differing data sources and definitions used.
A drawback of these metrics is that there may be differing data sources and definitions used.
We're nearing the third anniversary of an important @RockefellerFdn meeting on "The Future of Climate Finance" which I was lucky enough to convene at #RFBellagio. Well before #GFANZ was a thing, for better or worse, it's where the concept of "net zero-aligned finance" was born.🙄
Think back to June 2019, fully 6 months before Covid! The @IPCC_CH report on 1.5C had popularized science-based pathways to achieve net zero emissions by 2050. @UN Secretary-General @antonioguterres was planning a big conference on enhanced ambition... thehill.com/opinion/energy…
...But the idea of net zero-aligned finance was not yet a thing! Indeed, the hard work of translating science into actual net zero pathways in the real economy, across sectors like steel, cement, transport... even power generation... hadn't really happened yet! @sciencetargets 👀
So, this Mayday we're still on break between Season 5 and Season 6 of @MLCleaningUp. My guest for Episode 1 of Season 6 is an immense figure in climate finance - find out who it is at the end of this thread. Meanwhile, let's recap the top 12 most popular episodes so far... 1/14
In 12th place it's "Green Trade or Green Tradeoff", with former Australian PM Tony Abbott. Not known for supporting climate action, his is an important voice nevertheless. And we agree that trade is essential to reduce the cost of clean solutions. 2/14
cleaningup.live/ep52-tony-abbo…
cleaningup.live/ep52-tony-abbo…
In 11th place, it's "The Man in Charge of Charging", @PRomano_OG, CEO of @ChargePointnet. Transport is going electric, it's going electric fast, and here's why. 3/14
cleaningup.live/ep71-pasquale-…
cleaningup.live/ep71-pasquale-…
As one of the first @hlcchampions, congratulations to @TopNigel & especially to @gmunozabogabir for his 3 years of hard work to raise ambition and the credibility of real economy pledges. We can’t deliver Paris without this action! #RaceToZero #COP26 1/5
Your drive & energy has brought us the #RaceToZero –growing since Madrid – #RaceToResilience & #GFANZ I fully support the plans to continuously improve the Marrakech Partnership (MPGCA). The next 5 years of the MPGCA must accelerate exponential change to keep 1.5C in sight. 2/5
Critical these plans include clear expectations for credible, transparent, fair, science-based (incl pre-2030 action) and independently accountable net zero targets, including considering the outputs of @antonioguterres Expert Review Group on non-state action 3/5
What did #COP26 #FinanceDay delivered? A 🧵 of key highlights:
First let’s recall some of the expectations for the financial sector initiatives toward #netzero at #COP26:
✅increased ambition
✅enhanced transparency
✅improved accountability
✅more inclusivity
✅transformative approach
✅increased ambition
✅enhanced transparency
✅improved accountability
✅more inclusivity
✅transformative approach
Efforts to gather such a broad set of financial actors under the #RaceToZero are remarkable and should contribute to making finance flows consistent with low-GHG & climate-resilient pathways (Art.2.1c of PA), having said that...
