Glasgow Financial Alliance for Net Zero will restructure into an independent Principals Group and refocus on removing barriers to mobilising transition capital

The Glasgow Financial Alliance for Net Zero (GFANZ) has set out plans to restructure and shift its work from developing core transition “building blocks” toward addressing practical barriers to mobilising capital for the net zero transition, with a particular emphasis on closing the investment gap. GFANZ highlighted progress on the data and action gaps, pointing to the International Sustainability Standards Board’s global climate reporting standard built on the Task Force on Climate-related Financial Disclosures, with more than 30 jurisdictions representing over 55% of global GDP announcing steps to implement or align with ISSB standards. It also cited uptake of its voluntary transition plan framework, informed by the Financial Stability Board and the G20 Sustainable Finance Working Group, with more than 500 major financial institutions representing over USD 100 trillion in balance sheets voluntarily developing independent transition plans using the framework, alongside transition planning guidance introduced or under consideration in major economies. The alliance will transition to an independent Principals Group led by CEOs and other financial-sector leaders to target barriers to capital mobilisation, including for countries with longer transition pathways. Priority delivery channels include public-private partnerships such as country platforms and Just Energy Transition Partnerships, including Brazil, Indonesia and Vietnam, alongside work with multilateral development banks on tools to mobilise private finance at scale, including via the World Bank Private Sector Investment Lab, and further engagement with governments and regulators on enabling policy environments and high-integrity voluntary carbon markets.