Throwing Fuel on the Fire: GFANZ financing of fossil fuel expansion
17 January 2023
The leading banks, asset owners and managers of the seven sectoral alliances that make up the Glasgow Financial Alliance for Net Zero (GFANZ) are continuing to pour hundreds of billions of dollars into the expansion of the coal, oil and fossil gas industries. This new research from Reclaim Finance analyses the financing and investment in fossil expansionists of 161 of the members of the most significant GFANZ sectoral alliances: the Net-Zero Banking Alliance (NZBA); Net Zero Asset Managers initiative (NZAM); Net-Zero Asset Owner Alliance (AOA); and Net-Zero Insurance Alliance (NZIA). We found that since joining GFANZ, these financial institutions have financed at least 211 of the world’s largest expanders of coal mining, transport and power, and of oil and gas production and transport.