Mark Carney’s green financial revolution was never going to be easy. Now it’s getting harder.
This is the backdrop for Mr. Carney as he oversees the implementation of all the processes and procedures of the Glasgow Financial Alliance for Net Zero, or GFANZ, which is aimed at ensuring that climate considerations are part and parcel of investment decisions made by institutions that collectively manage more than US$130-trillion of assets.
GFANZ is developing plans to manage the phase-out of stranded assets. The idea is to come up with ways for lenders and financiers to unwind assets that do not fit with climate goals rather than passing them on to others, who would keep operating them. One of GFANZ’s current tasks is devising “sectoral pathways” to help industries such as oil and gas, transport and mining and their investors determine how quickly and drastically emissions will have to drop to stay on side with the carbon budget, Mr. Carney said. This will help determine the rate at which financing will have to go to technology such as carbon capture, utilization and storage.
A core of environmental activist groups has been critical of financial institutions, and the GFANZ effort itself, for not cutting fossil-fuel companies off from the capital they require to maintain operations. Reclaim Finance, an environmental group focused on the financial industry, this week marked the first anniversary of GFANZ’s creation by warning that the effort “is at risk of becoming a smokescreen to hide the finance sector’s foot-dragging in decarbonization.
Really hope he can't and note that it hasn't been much of a push except lots of meetings and a made up role for him. Worst central banker ever - blind to inflation risks - his ego always No. 1 Keep your hands off our pensions, Marx Carnage. cdnpoli acoyne terencecorcoran