Lo and behold, Republican lawmakers and attorneys general acting in the interests of the oil and gas industry (& against the public interest) threaten to make life difficult for insurance companies in #GFANZ, as Ian Smith and Kenza Bryan report.

And it seems to be succeeding. Their argument is that #GFANZ is collusion in violation of antitrust laws. Industry insiders claim this would probably not hold water in front of a judge, but they'd prefer not to test it. 6/N

https://www.ft.com/content/4940831b-72ec-459d-aaee-0d86fb7593df

However, if many fund managers coordinate to invest in green, they can be confident of together being able to make policymakers implement tough carbon pricing, making green investments competitive & driving polluting fossil fuels out of the market -- which we want.

That is why coordination between private investment decisions -- ensuring a whole lot of funds is directed into green investments -- is crucial, and why voluntary actions such as
Mark Carney's #GFANZ was good news. 5/N

The green transition requires a lot of investment, both public and private. Jean Pisani-Ferry and Selma Mahfouz argue in a recent report to French gov't that it will be 2 %-pts of GDP per year by 2030. This is a lot.

Who will be doing the private investment? Financial sector actors such as banks, pension funds, insurance companies, etc. #GFANZ is an effort to coordinate investments across the industry -- to make sure they go into green, not brown. 2/N

https://www.strategie.gouv.fr/english-articles/economic-implications-climate-action

@helentbiz reports on very bad news: a voluntary financial sector alliance to tackle climate change, #GFANZ, is breaking down under attack by (US) Republican politicians & officials. The political fight over the #GreenTransition is getting ugly. And the opponents of ambitious #ClimateAction have a natural upper hand: they are defending the status quo.

https://www.ft.com/content/0b809918-b489-4ed5-8224-0ccdbb674296

#GFANZ says (U.S 🇺🇸) “political attacks” are interfering with insurers’ “efforts to price #ClimateRisk, which will harm policyholders, main-street investors & local economies”. It pledged to continue to support insurers’ efforts to develop transition plans https://www.ft.com/content/4940831b-72ec-459d-aaee-0d86fb7593df

Three of Europe’s 🇪🇺 biggest insurers, Axa, Allianz & Scor have quit the #NetZero Insurance Alliance as growing US 🇺🇸 political pressure & legal anti-trust fears plunge the #GFANZ climate initiative into crisis https://www.ft.com/content/4940831b-72ec-459d-aaee-0d86fb7593df

Despite their membership in the Glasgow Financial Alliance for Net Zero (#GFANZ), financial institutions around the world are still supporting fossil fuel expansion with billions of dollars.
https://sgvoice.energyvoice.com/strategy/research/23755/gfanz-members-under-fire-over-fossil-fuel-financing/

RT @RAN@twitter.com

BREAKING! 🚨 A new report from @ReclaimFinance@twitter.com reveals that, despite joining the Glasgow Financial Alliance for Net-Zero #GFANZ, major financial institutions are still providing billions to fossil fuels — $87.5 BILLION from U.S. banks alone. Learn more: https://reclaimfinance.org/site/en/2023/01/17/throwing-fuel-on-the-fire-gfanz-financing-of-fossil-fuel-expansion/

🐦🔗: https://twitter.com/RAN/status/1615471779807469580

RT @ReclaimFinance@twitter.com

🚨 NEW REPORT: since joining the Glasgow Financial Alliance for Net Zero #GFANZ, financial institutions have provided HUNDREDS OF BILLIONS of $ to fossil fuel expansion 💣

It's the finding of a report published today by 13 NGOs including Reclaim Finance.

#GFANZFuelsFire #wef23

🐦🔗: https://twitter.com/ReclaimFinance/status/1615264364654649345

Wir fordern die #GFANZ-Initiative dazu auf, ihre Mitglieder zur sofortigen Beendigung der Finanzierung fossiler Expansion zu verpflichten. Denn nur so kann die Finanzbranche im Einklang mit der Klimawissenschaft das Netto-Null-Ziel bis 2050 erreichen.

Seit dem Beitritt zu #GFANZ (+ der Verpflichtung zu Netto-Null!) haben 56 der größten Banken in der Net-Zero Banking Alliance #NZBA (einer GFANZ-Allianz) 269 Milliarden US-Dollar an 102 große Expansionsunternehmen für fossile Brennstoffe bereitgestellt.

I jumped from HSBC to Starling last week
Banks still investing heavily in fossil fuels despite net zero pledges
https://www.theguardian.com/environment/2023/jan/17/banks-still-investing-heavily-in-fossil-fuels-despite-net-zero-pledges-study
#GFANZ #HSBC #ClimatePledge

There's been little evidence of leadership or reduction of #FossilFuel financing in the #GFANZ coalition of investors & banks argues Michael Northrop. Investors have already committed to finance more fossil fuels than the atmosphere can safely absorb🛢️📈⚠️ https://www.environmental-finance.com/content/analysis/leadership-does-not-equal-gfanz.html