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Carney Unveils $130 Trillion in Climate Finance Commitments

  • BlackRock CEO says deploying the funds will be ‘far harder’
  • Wednesday is designated as finance day at the COP26 summit
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WATCH: Carney discuses support for climate change issues within the global financial system and the work of Glasgow Financial Alliance for Net Zero.Source: Bloomberg
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Banks and asset managers representing 40% of the world’s financial assets have now pledged to meet the goals set out in the Paris climate agreement, as an alliance championed by former central banker Mark Carney swells under the gaze of a world increasingly alarmed by planetary warming.

More than 450 firms representing $130 trillion of assets now belong to the Glasgow Financial Alliance for Net Zero, almost double the roughly $70 trillion when GFANZ was launched in April, according to a progress report published by the coalition on Wednesday. Signatories must commit to use science-based guidelines to reach net zero carbon emissions by mid-century, and to provide 2030 interim goals.