The Reluctant Net Zero Delivery Drivers
How can we engage constructively across the competing paradigms within finance?
By James Vaccaro, Executive Director, Climate Safe Lending Network, May 2022
This month marked the midpoint between COP26 and COP27; a time to check in on the progress of climate action for GFANZ – the Glasgow Finance Alliance for Net Zero. John Kerry was the highlight, invoking the scientific consensus that we are reaching tipping points, which if breached, would be irreversible. There were presentations covering all aspects of net zero: consultations on new standards, disclosure frameworks, committees and taskforces on transition plans and technical solutions. The message to the audience was one of plenty of work to develop components of an “intentional strategy” to meet the targets set on net zero.
The clear buzzword of the event was ‘collaboration’ – hardly a panel went by without talk about the need to collaborate, to break down barriers and be inclusive. But the event’s own ‘delivery’, from the stage to the audience, neatly packaged into video content did not leave room for any questions and answers, or for open debate.
And open debate and constructive engagement is what is needed if we want to achieve net zero, precisely because intentional strategy is never the whole story of what emerges in reality.