Crazy world of climate finance [image credit: renewableenergyfocus.com]
Finance giants don’t like hefty fines for exaggerating their supposed climate virtues, or law suits for not acting in the best interests of their clients. Solution: leave their net-zero climate club.
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Vanguard, the world’s second-largest asset manager, announced that it is resigning from a global net-zero initiative.
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Shortly before COP26, last year’s United Nations climate conference in Glasgow, financial institutions were rushing to announce their climate commitments, says Grist (via Gizmodo).

The conference’s leadership and Mark Carney, a special envoy appointed by the United Nations to push private finance to invest in climate solutions, announced the creation of the Glasgow Financial Alliance for Net-Zero, or GFANZ.