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Blackstone, Pimco Stay Out of Net-Zero Group Even After Concessions

Mark Carney, the co-chair of GFANZ, has said it’s now time to go after holdouts.

Mark Carney in Washington, on Oct. 12.

Mark Carney in Washington, on Oct. 12.

Photographer: Ting Shen/Bloomberg
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Even after easing its terms, the world’s largest climate-finance coalition has failed to draw in some of the giants of investing.

The Glasgow Financial Alliance for Net Zero is heading into the COP27 climate summit in Egypt having agreed to let signatories avoid binding restrictions on fossil finance. The concession, which drew condemnation from climate activists, coincided with a GFANZ announcement that it attracted an extra 100 members during the past year, representing a combined $20 trillion in additional assets.