GFANZ Releases Guidance on Credible Net-Zero Transition Plans and Seeks Public Input To Accelerate Action
This Net-zero Transition Plan framework for financial institutions is now open for public consultation until 27 July 2022.
June 15, 2022 /3BL Media/ - Today, the Glasgow Financial Alliance for Net Zero (GFANZ), a practitioner-led, global coalition of financial institutions working to accelerate the world’s transition to net-zero greenhouse gas (GHG) emissions by 2050, invited public comment on its draft Net-zero Transition Plan (NZTP) framework for the financial sector. This common framework will enable a financial institution to demonstrate, and stakeholders to judge, the credibility of its plan to accelerate and scale clean energy and transition-related finance to levels consistent with limiting global warming to 1.5 degrees C.
Around 130 countries, representing 90% of global GDP, have made a net-zero commitment. More than 10,000 companies, organizations, or subnational governments have joined the UN Race to Zero campaign, committing to achieve net-zero carbon emissions by 2050 at the latest. Net-zero transition plans catalyze action, operationalize commitments, and demonstrate credibility. GFANZ defines a net-zero transition plan as a set of goals, actions, and accountability mechanisms to align an organization’s business activities with a pathway for net-zero GHG emissions that delivers real-economy emissions reductions in line with achieving global net zero.