Can the private-finance $130 trillion climate bet be trusted?

GLASGOW, UNITED KINGDOM - A group of 450 banks and insurers, going under the name of The Glasgow Financial Alliance for Net Zero (Gfanz), have committed $130 trillion [€112 trillion] to tackle climate change between now and 2050.

Mark Carney, UN special envoy on climate action and finance and leader of the group, said they have "all the money needed" to fund the transition to renewable energy, demonstrating that in this year's climate summit (COP26) private finance is a central focus.

 

 

 

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