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Today’s Top of the COP: Finance Goes Green and Resilient

By Nigel Topping

The race is on for private finance towards net-zero emissions by 2050 and new partnerships are set to drive exponential growth in resilience investments. 

In brief

  • Through the Glasgow Financial Alliance for Net Zero, over $130 trillion of private capital is now committed to transforming the economy for net zero. GFANZ has grown 25-fold since April to 450 firms from 45 countries, according to a progress report it publishes today.
  • These GFANZ commitments can deliver the estimated $100 trillion of finance needed for net zero over the next three decades. That’s 70% of total investments needed, according to new analysis commissioned by the UN High-Level Climate Action Champions. 
  • Global Resilience Index will launch today to improve the way insurers, financiers and investors measure the resilience of countries, companies and supply chains. A number of grants and investments are also going towards building resilience in at-risk countries, including $100 million from the Green Climate Fund to support new technologies.
  • The UN’s Net Zero Asset Owner Alliance, responsible for $10 trillion in assets, commits to phase out most thermal coal assets by 2030 for industrialized countries and worldwide by 2040. Thirty-three GFANZ members are now part of the Powering Past Coal Alliance, with 11 new firms joining at COP26.
  • UK Chancellor Rishi Sunak announces today new requirements for firms in the UK to publish plans for decarbonizing through 2050. The International Financial Reporting Standards Foundation also announces a new International Sustainability Standards Board to develop globally consistent climate and broader sustainability disclosure standards for the financial markets.