In practice, it means companies will be able to draw on GFANZ for guidance and assistance, but won’t need to align their operations with the goals of the Paris climate agreement, the person said.
The world’s biggest climate coalition for financial firms is making adjustments after several high-profile banks, insurers and asset managers opted out.
The Glasgow Financial Alliance for Net Zero (GFANZ), which was established in 2021 and operates as an umbrella group for numerous industry-specific climate alliances, will change its relationship with those sub groups, according to a person familiar with the decision who declined to be identified.
