Washington, D.C. — Today, more than 450 financial institutions from 45 countries across the globe formally launched the Glasgow Financial Alliance for Net Zero, committing to decarbonizing their collective $130 trillion in assets to net-zero by 2050. In response, Christy Goldfuss, senior vice president for Energy and Environment Policy at the Center for American Progress, issued the following statement:
Meeting our goal of holding warming temperatures to just 1.5 degrees Celsius demands meaningful participation from the private sector. We can’t get it done with government action alone. Today’s announcement from hundreds of powerhouse financial institutions is a worldwide commitment to do exactly that. They will reduce climate pollution from their portfolios, which include major fossil fuel companies and projects, with a target of net-zero emissions by 2050.
This alliance is the most ambitious private sector-led initiative to date aimed at reducing emissions from the global economy. It has the potential to significantly slash emissions around the world—not just by promoting sustainable investment but also by driving serious reductions from some of the most climate-polluting industries, particularly fossil fuels. This initiative’s success will depend on whether these institutions will stick to their commitments even when it involves tough choices. This is a seriously promising announcement, and I look forward to seeing what can be accomplished when the power of these big banks is channeled toward meaningfully tackling—rather than fueling—the climate crisis.
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