An inquiry has been launched by the House of Commons’ Environmental Audit Committee (EAC) into the role of financial institutions in decarbonising the British economy and its transition to net zero. The Glasgow Financial Alliance for Net Zero (GFANZ) was launched by UN Special Envoy for Climate Action and Finance Mark Carney in April 2021 and is responsible for assets of US$130 trillion. The EAC views initiatives like GFANZ as essential in determining if the UK Government’s carbon budgets and net zero target are likely to be met. EAC chairman Phillip Dunne MP said: “Signatories have been asked for a public statement on: their fossil fuel policies; their policies on investment in renewable energy technologies; and on whether current geo-political events impact their view on the International Energy Agency’s (IEA) May 2021 conclusion that no new investment in fossil fuel initiatives is necessary to meet global energy needs if the IEA’s energy pathway for net zero by 2050 is followed.”
Yesterday we opened an inquiry examining the role of financial institutions, including UK signatories to the Glasgow Financial Alliance for Net Zero, in winding down financing of fossil fuel extraction & promoting the transition to green energy.
— Environmental Audit Committee (@CommonsEAC) May 31, 2022