Mark Carney’s Climate Alliance Provides Billions for New Fossil Fuel Projects

FP | Barbara Shecter | Jan 17, 2023

Image: Unsplash/Scott Rodgerson

56 largest members provided US$269 billion to 102 large fossil fuel ‘expanders’ since joining the group

• Environmental groups are stepping up pressure on banks and asset managers to stop funding and investing in new fossil fuel projects, publishing a report that brings attention to new oil, gas and coal financing on a global scale by firms that claim to pursue net-zero policies.
  • Their latest target in a growing public relations campaign: members of The Glasgow Financial Alliance for Net Zero (GFANZ), launched in 2021 by UN climate envoy Mark Carney, former governor of the Bank of Canada and Bank of England, who is now co-chair of the alliance alongside Michael Bloomberg.
  • A study published Jan. 17 by a dozen groups including Reclaim Finance, Stand.earth, the Rainforest Action Network, Les Amis de la Terre France, and South Africa’s Centre for Environmental Rights, says the 56 largest members of the Net-Zero Banking Alliance — a sectoral subset of GFANZ members — provided loans and underwriting of US$269 billion to 102 large fossil fuel “expanders” since joining Carney’s group.
    • This financing by global institutions including some of the largest banks in North America and Europe included 134 syndicated loans to 77 companies and US$101 billion in new debt and equity for 74 firms through 215 underwriting transactions

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GFANZ spokesperson:

“Based on research GFANZ commissioned last year, we know that investment in renewables need to be four times the levels going into fossil fuels by 2030 to restrict climate change consistent with the aims of the Paris Agreement.  Members of the alliance are on track to detail how they are financing the transition of the energy sector when they publish interim targets and transition plans.

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