Banks still investing heavily in fossil fuels despite net zero pledges – study

Financial institutions signed up to GFANZ initiative accused of acting as climate arsonists'

Banks and finance institutions that have signed up to net zero pledges are still investing heavily in fossil fuels, research has shown, leading to accusations they are acting as climate arsonists".

The Glasgow Financial Alliance for Net Zero (GFANZ) initiative was launched by the former Bank of England governor Mark Carney, as one of the main UK achievements in hosting the Cop26 UN climate summit at Glasgow in 2021.