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Mark Carney gives evidence on progress of COP26 agreements on the financial sector’s net zero commitments

20 October 2022

UN Special Envoy for Climate Action and Finance, Mark Carney, will be giving evidence to the Environmental Audit Committee (EAC) as it considers how the financial sector is supporting the UK’s transition to a net zero economy.

Mr Carney is co-chair of the Glasgow Financial Alliance for Net Zero (GFANZ). With a membership of over 500 firms, GFANZ is the world’s largest coalition of financial institutions committed to transitioning the global economy to net zero greenhouse gas emissions. All GFANZ signatories are aligned with the UN Climate Change Convention’s ‘Race to Zero’ criteria: each has committed to achieving net zero greenhouse gas (GHG) emissions in their investments by 2050 while providing transparent reporting and accounting on their progress toward interim targets.

Purpose of the session

Members will be keen to explore with Mr Carney the success of GFANZ to date, and the progress its members have achieved since committing to the scheme last year. EAC is expected to discuss matters such as the pros and cons of a global price for carbon, the concept of a ‘just transition’ and whether there is a role for the Government to use regulation to ensure net zero and transparency around organisations’ progress on meeting their environmental goals.

Witnesses

Witness from 14:45:

  • Mark Carney, Co-Chair, Glasgow Financial Alliance for Net Zero (GFANZ), and UN Special Envoy for Climate Action and Finance 

Further information 

Image: Unsplash