Finance
Wall Street-Dominated Green Club Is Told It Has Rich-World Bias
- Biggest African bank says GFANZ caters to ‘Global North’
- Net-zero club for finance says it’s still defining approach
Photographer: Fadel Senna/AFP/Getty Images
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It was supposed to be a global alliance of financial firms to fight climate change. Instead, it risks becoming a rich-world club as banks from developing nations stay away.
The Glasgow Financial Alliance for Net Zero has been able to attract the titans of Wall Street and the City of London, including BlackRock Inc., Goldman Sachs Group Inc. and HSBC Holdings Plc. But the roughly 40% of global financial assets the group represents mostly excludes the biggest banks in China, India and Africa.