Al Gore Calls Out ‘Greenwashing’ Risks as Funds Quit Green Club

In an article on Bloomberg, Al Gore, the former US vice president turned climate activist, said investors are growing increasingly impatient with evidence of potential “greenwashing”, “net-zero” promises made by some players of the financial sector.

At a climate event in New York, Al Gore mentioned the commitments made by GFANZ, the Glasgow Financial Alliance for Net Zero.

GFANZ, which has around 500 members representing more than $135 trillion in assets, was praised at COP26 last year. But now, according to Gore, "it has become evident that some who have made impressive promises have not put in place a practical plan to fulfill them."

And against a backdrop of increasing scrutiny, with some members realizing they may not be able to meet the goals set by the alliance, or even expressing fears that the organization's decarbonization requirements could make them legally vulnerable, GFANZ now sees its first official defections.

Click below to read more about it, including these "climate pledges departures".