U.K. Finance Minister Rishi Sunak told assembled delegates on Wednesday that the delayed summit had brought together institutions with assets worth over $130 trillion. He said financial firms controlling 40% of global assets would align themselves to the Paris Agreement's 1.5 degrees Celsius limit for global heating.
Chaired by Carney, this global coalition of leading financial institutions is seeking to accelerate the transition to a low-carbon economy. "With GFANZ, we have all the money needed for the transition. Our job is to find the plumbing to make it work," Carney said.
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To switching from fossil fuel to renewable energy power plants not only the financial support but feasibility and natural resources required.
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