The world’s biggest climate coalition for bankers says it has the right to ignore a proposal that would require members to phase out the financing of fossil fuels.
Efforts to reassure bankers that they can continue to finance oil, gas and even coal come less than a month before the COP27 climate summit in Egypt. The event looks set to draw far fewer financial chief executives than attended the COP26 summit in Scotland last year, Bloomberg News has reported. “NZBA is saying it is part of GFANZ and that doesn’t have anything to do with Race to Zero. But to be part of GFANZ you need be part of Race to Zero,” said Ben Caldecott, director of the Oxford Sustainable Finance Group at the University of Oxford Smith School of Enterprise and the Environment.
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