The Glasgow Financial Alliance for Net Zero (GFANZ) has announced it will be pausing work relating to recent consultations on nature-focused transition plans and transition-oriented index investing. This follows GFANZ’s decision to shift its focus to addressing the barriers to mobilising capital at the scale and speed required to support the transition. “As part of this shift, GFANZ has paused work related to its consultations in other areas such as nature in net-zero transition planning and index investing,” the body said in a statement. “GFANZ remains steadfast in its commitment to supporting financial institutions worldwide in addressing the challenges and seizing the opportunities of this pivotal moment.” There has also been mounting pressure on collaborative climate action groups from the anti-ESG movement in the US. “This [restructure] will help strengthen growth, create jobs, and close the investment gap, especially in emerging markets and developing countries,” GFANZ said. “Without private finance, there can be no global energy transition.” Launched in April 2021, GFANZ serves as an umbrella body for net zero alliances. It currently has more than 500 members.
