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Shifting systems - Finance: Banking on systems change

Report 21 January 2022, 14:26 UTC

On finance day at COP26, 450 of the world’s largest financial institutions joined the Glasgow Finance Alliance for Net-Zero (GFANZ) - a $130 trillion dollar fund committed to helping the world economy on its pathway to net zero.

Bank infographic cropped

The finance community certainly came to Glasgow with some big numbers, but this roundtable aimed to find out ‘what next?’ - how are banks planning to have real-world impact and fulfil the commitments they make? 

This roundtable aims to:

  • Find out what our group of bankers think needs to happen to keep the goals of the Paris Agreement live
  • See the 7 key outcomes identified from our discussion, including why our guests believe banks, policymakers and other institutions must work together to develop better data sets, climate modelling, and ways of measuring progress 

Since the Paris Agreement, 60 of the largest banks have financed $3.8tr of fossil fuel development, roughly $750 billion every year since COP21. This needs to change. Private finance and the wider finance community must do better. The sector needs to realise their responsibility and get in line with the science: no new oil, gas, or coal development from 2022 if we want to curb emissions and “keep 1.5 alive” - Helen Clarkson, CEO, Climate Group

The roundtable discussion was led by John T. Colas and chaired by our CEO, Helen Clarkson, and focused on three core discussion topics, which are outlined in the full report.

Thank you to our co-hosts:

Oliver Wyman