GFANZ is an alliance of “leading financial institutions to accelerate the transition to a net-zero global economy,” including over “450 member firms from across the global financial sector, representing more than $130 trillion in assets under management and advice.”
This is why the Glasgow Financial Alliance for Net Zero, or GFANZ, was formed and announced during the UN’s climate conference known as COP26 last fall, led by three financial powerhouses: Mark Carney, Michael Bloomberg and Mary Shapiro. Investors and financial advisors understand that what is likely coming due to climate change, if we don’t take much more aggressive steps to stop it, will make Hurricane Katrina or Harvey, or the disruptions in the pandemic, seem minor. Scientists agree, with 97% of them saying the planet is warming dangerously, that humans are to blame, and that we need to act fast to mitigate it. We are hearing investors, retirees, workers, really wanting investment portfolios that are going to be doing something about this most profound risk,” Raskin added, referring to climate change.
Financial forces: “At the same time we see these climate forces, we are also experiencing significant financial forces.NOAA adds that as of this publication, “In 2022 (as of July 11), there have been 9 weather/climate disaster events with losses exceeding $1 billion each to affect the United States,” and they predict more to come. Over the past five years, there were 89 of them, killing 4,557 people, which is an increase in frequency over previous years. Since 1980, according to the National Oceanic and Atmospheric Administration, NOAA, there have been 332 weather and climate disasters that caused at least $1 billion in damage – each – at a total cost of over $2.275 trillion.
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