The Glasgow Financial Alliance for Net Zero (GFANZ) brings together insurers, banks and fund managers with combined assets of US$70 trillion. Signatories to the initiative pledge to set and disclose interim emissions targets for 2030 or sooner, and long-term goals to reach net-zero emissions by 2050. (The Logic)

Talking point: In a statement, Carney called the GFANZ “the breakthrough in mainstreaming climate finance the world needs.” Scores of Canadian investors and money managers have made net-zero commitments in recent months and endorsed moves to decarbonize assets. However, credit union Vancity—one of 43 banks to sign the pledge—is so far the only Canadian financial institution of the 160-plus total signatories. Several critics said the initiative doesn’t go far enough. Jeanne Martin, a senior campaign manager at climate-advocacy group ShareAction, said campaigns like GFANZ lack credibility without setting dates to phase out financing for fossil fuels and deforestation.