Mark Carney’s New Toy: GFAN

Mark Carney, in his capacity as advisor to the U.K. government, is going to announce the Glasgow Finance Alliance for Net Zero (GFAN) at Biden’s April 22–23 Earth Day global climate summit, according to Bloomberg sources. The GFAN includes about 30 banks, which “are considering throwing their weight behind the White House’s Earth Day summit,” says the report. Citigroup, Barclays and HSBC are expected to be part of it. Among the other proposals pushed by GFAN, aside from eliminating “emissions” from their own portfolios, is to extend green-only investments to bank customers, a sort of “non-proprietary” trading. In other words, the shit will hit the GFAN. https://www.bloomberg.com/news/articles/2021-04-09/carney-aims-for-global-banking-climate-pledge-at-biden-summit.