A new group of banks and financial firms that claims to be able to provide $100 trillion in private financing over the next thirty years to help countries hit climate targets launched at COP26 today. The Glasgow Financial Alliance for Net Zero is made up of more than 450 banks, asset managers, and insurers. However, the group includes major funders of fossil fuels, including J.P. Morgan Chase and BlackRock. “This announcement yet again ignores the biggest elephant in the room,” Stand.earth climate finance director Richard Brooks told the Financial Times. “We cannot keep under 1.5 degrees [warming] if financial institutions don’t stop funding coal, oil, and gas.” (FT $, Wall Street Journal $, Bloomberg $, Washington Post $)
