Carney, Kerry launch global finance plan to boost climate action By Reuters – Investing.com

Carney, Kerry launch global finance plan to boost climate action By Reuters – Investing.com

© Reuters. FILE PHOTO: Climate change activists protest in Khayelitsha township

By Simon Jessop LONDON (Reuters) - UN climate envoy Mark Carney and U.S. peer John Kerry on Wednesday announced a new plan to boost efforts by the financial system to help move the global economy to net zero greenhouse gas emissions. While many large banks, insurers and asset managers have started to commit to some form of action, the frameworks used can differ and some are not rooted in climate science or backed up by interim targets between now and 2050. To help fix the problem, the new group - Glasgow Financial Alliance for Net Zero (GFANZ) - will bring existing net zero initiatives together under one umbrella to help ensure all sub-sector efforts are consistent and ambitious. "This is the breakthrough in mainstreaming climate finance the world needs," Carney said in a statement. "Most fundamentally, GFANZ will act as the strategic forum to ensure the financial system works together to broaden, deepen, and accelerate the transition to a net zero economy." Launching the plan on the eve of U.S. President Joe Biden's Head of State Climate Summit alongside Carney and Treasury Secretary Janet Yellen, Kerry - the U.S. Special