(Friday 3rd January) Responding to the announcement from the Glasgow Financial Alliance for Net Zero (GFANZ) that it will restructure and shift its focus to addressing barriers to mobilising capital, Jeanne Martin, Head of Banking Programme at ShareAction, said: "We cautiously welcome GFANZ’s new focus on addressing barriers to mobilising capital, which is critical to achieving net-zero by 2050. However, GFANZ’s decision to walk back on a requirement to align with the Paris Agreement is a dangerous one, which could lead to its members lowering ambition even as climate change impacts like extreme weather are harming communities around the world.

"GFANZ members have a critical role to play in mobilising capital to achieve climate goals - the International Energy Agency says private finance needs to contribute US$3 trillion out of the US$4 trillion of clean energy investment needed annually by 2030.

"ShareAction's research has found that banks’ current low-ambition and incoherent climate targets are unlikely to shift enough financing away from fossil fuels towards green activities such as renewable energy at the pace and scale needed to avert the climate crisis.

"To be effective in delivering the climate action the world needs, GFANZ and its sub-alliances should reaffirm a requirement to align with the Paris Agreement. GFANZ should ensure its members not only mobilise capital for the real economy transition but also phase out from fossil fuels."