“Follow the money,” instructed Bob Woodward's secret source during Watergate. The same is true to address climate change. Enter the Global Financial Alliance For Net Zero. It's goal is to hold the financial community accountable for its pivotal role in funding the transition to a net zero economy.
and its former U.S. Managing Editor. “Because what they've done is say we've got 450 institutions from around the world that have 130 trillion worth of assets. All of whom are going to commit to try and decarbonize the world's economy and to get supposedly to net zero by 2050.”
Lots of promises have been made and lots of reports have been issued but there the gap currently is how to hold these companies and countries accountable or to validate their reports. Tett says the GFANZ could be a tool to help do so, along with the pressure it puts on accountants who have to audit financial statements.
The GFANZ could be the GPS to get the whole economy to pivot to net zero, she says. “There's a big gap with aspiration and execution potentially. But one way to imagine it,” Tett explained, “is if I have my GPS in my car, I'm going to plug in the destination and I'm going to then wait and try and get some kind of roadmap afterwards.
If the ISSB does this, that is, “if we have a single unified benchmark and framework, and if it's backed up by government and regulatory scrutiny,” Tett asserts, “then suddenly the world’s auditors and accountants [who prepare these financial statements] are put on the spot and they have to ensure that company statements around green issues are credible. And that could be a game changer to the bottom line.
Only time will tell if GFANZ and its influential team is the GPS we need to avert climate catastrophe.
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