Glasgow Financial Alliance for Net Zero

What Glasgow Financial Alliance for Net Zero does

The Glasgow Financial Alliance for Net Zero (GFANZ) is an independent, private-sector-led initiative founded in April 2021 at COP26 and headquartered at 731 Lexington Avenue, New York. It is governed under New York law and anchored in the UNFCCC's Race to Zero framework. GFANZ convenes over 650 financial institutions across 50 countries, spanning banks, insurers, asset owners, asset managers, and service providers, and represents approximately 40% of global private financial assets. Its mission is to mobilize private capital toward a net-zero economy by 2050, with a particular focus on unlocking transition finance into emerging markets and developing economies (EMDEs). The coalition is led by Co-Chairs Mark Carney (UN Special Envoy for Climate Action and Finance) and Michael R. Bloomberg (UN Special Envoy for Climate Ambition and Solutions), with Mary Schapiro (former SEC Chairman) serving as Vice Chair.

GFANZ's core offerings are not commercial products but voluntary frameworks and guidance. Its centerpieces are the Net-Zero Transition Plan (NZTP) Framework, four transition finance strategies with associated Expected Emissions Reductions (EER) methodology, sectoral pathways, portfolio alignment measurement guidance, and managed phaseout frameworks. Supporting resources include the NZTP Examples Database, "Workshops in a Box" educational slide decks published in multiple languages, and policy advocacy materials. The coalition operates three regional networks (Africa, APAC, Latin America & Caribbean) and four country chapters (Japan, Hong Kong, Brazil, Caribbean) to localize adoption. Strategic partnerships with the African Development Bank, World Bank, IMF, COP28 Presidency, VCMI, ICVCM, and IIF embed GFANZ in the multilateral climate finance architecture.

GFANZ is a free coalition: there are no membership fees, subscription tiers, or product charges. All frameworks, reports, and workshop materials are downloadable at no cost, and the revenue model is best described as non-commercial affiliate and coordination activity. Operational infrastructure (communications, publications, digital presence) is provided by Bloomberg L.P., whose founder Michael Bloomberg is Co-Chair. In December 2024, GFANZ announced a restructuring and strategic shift toward addressing barriers to mobilizing private capital, signaling a pivot from framework publication toward execution-oriented work in EMDEs.

Name

Glasgow Financial Alliance for Net Zero

Legal name

Glasgow Financial Alliance for Net Zero

Website

https://gfanzero.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Glasgow Financial Alliance for Net Zero (GFANZ) is a private-sector-led coalition of over 650 financial institutions across 50 countries, coordinating voluntary net-zero transition frameworks, transition finance strategies, and capital mobilization into emerging markets.

Ownership category

akta.pro rank

Product category

Climate-aligned Financial Services Coalition

akta.pro primary industry

Transition Finance (Hard-to-Abate Transition Strategies, SL Loans/Bonds) (FSAAALAI)

akta.pro secondary industry

GHG Accounting & Net-Zero/Decarbonization Planning (Scopes 1–3) (EUAHAJAC)

Keywords

• Sustainable finance coalition
• Net zero transition
• Climate aligned finance
• Financial sector decarbonization
• Green capital mobilization

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Membership and Participation (Free): GFANZ is a free, voluntary coalition. Financial institutions join by committing to net-zero pathways through their respective sector alliances (Net-Zero Banking Alliance, Net-Zero Asset Managers Alliance, Net-Zero Insurance Alliance, etc.). There is no fee or product revenue stream.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

GFANZ is an independent, private-sector-led coalition of financial institutions committed to accelerating the transition to a net-zero global economy. It develops guidance, frameworks, and tools that help member firms align lending, investment, and insurance portfolios with net-zero pathways, and it coordinates sector-specific working groups across the financial system.

Product overview

GFANZ is a global coalition of financial sector net-zero alliances (not a traditional product company) offering a portfolio of guidance frameworks, tools, and resources for net-zero transition planning. The core offering centers on the NZTP Framework, complemented by Workshops in a Box for education, an NZTP Examples database for inspiration, and Transition Finance strategies with Expected Emissions Reductions methodology. The organization operates regional networks (Africa, APAC, Latin America & Caribbean) with country-specific chapters (Brazil, Caribbean, Japan, Hong Kong) to support localized implementation. Additional resources include publications, progress reports, and public policy advisory services. Together, these components form a comprehensive ecosystem supporting financial institutions and real-economy companies in developing and implementing credible net-zero transition plans.

Differentiator

Problem solved

Functional benefit

Products and services

• Net Zero Banking Alliance Framework Framework guiding global banks on setting science-based net-zero targets, decarbonizing lending and investment portfolios, and reporting progress.
• Net Zero Asset Owner Alliance Commitment Commitment protocol supporting institutional investors (insurers, pension funds) in transitioning investment portfolios to net-zero alignment.
• Net Zero Asset Managers Initiative Initiative enabling asset managers to align their investment strategies, stewardship, and client disclosures with net-zero goals by 2050.
• Net Zero Insurance Alliance Guidelines Guidelines enabling insurers and reinsurers to integrate climate transition considerations into underwriting and investment activities.
• Net Zero Financial Service Providers Alliance Alliance convening index providers, analytics firms, and advisory service providers supporting the net-zero transition of financial institutions.
• GFANZ Financing the Transition Guidance Practical guidance for financial institutions to design credible, real-economy transition financing strategies across sectors and regions.
• GFANZ Climate Action Data Trust (CAD Trust) Data-sharing infrastructure initiative enabling standardized, verified climate-action data exchange among financial institutions and data providers.

Quantifiable outcome

• Over $130 trillion in private capital mobilized through net-zero commitments
• +3 more outcomes

Segments4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Partnerships

16 partnerships are on record, tiered core and supporting.

• U.S. Department of the TreasurycoreStrategic or Co-development Partner · 1 October 2023The U.S. Treasury released its Principles for Net Zero Financing & Investment, which GFANZ's Co-Chairs welcomed. The Principles align with and build upon the GFANZ Net Zero Transition Plan Framework, recognizing the same four transition finance strategies and overarching components of credible transition plans. U.S. financial institutions are encouraged to use GFANZ frameworks when developing their own transition plans.
• Voluntary Carbon Markets Integrity Initiative (VCMI)coreStrategic or Co-development Partner · 20 September 2023GFANZ, VCMI, and the COP28 Presidency convened a high-level roundtable of businesses, financial institutions, and standard setters to build high-integrity demand in voluntary carbon markets. The three parties committed to working with the wider ecosystem to deliver an end-to-end integrity framework from supply to demand side for VCMs by COP28.
• African Development Bank Group (AfDB)coreStrategic or Co-development Partner · 7 September 2023GFANZ and the African Development Bank signed a Letter of Intent at the Africa Climate Summit in Nairobi to partner through the GFANZ Africa Network and the African Financial Alliance on Climate Change (AFAC). The partnership aims to support African financial institutions in accelerating climate finance for low-carbon investments, improving climate data access, climate risk analyses, disclosures, and capacity building for transition planning. Dr. Timothy Afful-Koomson, Chief Climate Finance Officer of AfDB, was appointed Director of the GFANZ Africa Network.
• African Financial Alliance on Climate Change (AFAC)coreStrategic or Co-development Partner · 7 September 2023GFANZ Africa and AFAC collaborate as the two primary vehicles for engaging African financial institutions on climate transition planning and finance. AFAC convenes working groups on climate data, risk analyses, disclosures, and capacity building, with cross-board representation between the two organizations.
• UNEP Finance Initiative (UNEP-FI)supportingStrategic or Co-development Partner · 7 September 2023GFANZ and AFAC collaborate with UNEP-FI as a partner in their climate finance engagements with the African financial sector, contributing to capacity building and transition planning support.
• Global Centre on AdaptationsupportingStrategic or Co-development Partner · 7 September 2023The Global Centre on Adaptation is listed as a collaborating partner alongside UNEP-FI and FSD Africa in the GFANZ Africa Network and AFAC partnership for climate action across the continent.
• FSD AfricasupportingStrategic or Co-development Partner · 7 September 2023FSD Africa is a partner in the GFANZ Africa and AFAC collaboration to support African financial sector climate finance, providing capacity building and technical expertise in the region.
• Hong Kong Monetary AuthoritycoreGTM or Marketing Partner · 31 August 2023The Hong Kong Chapter of GFANZ was announced as part of the GFANZ APAC Network. The Chapter is advised by Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, who is a member of the GFANZ APAC Network Advisory Board. The Chapter will support net-zero transition across Greater China and the broader APAC region.
• Hong Kong Green Finance Association (HKGFA)supportingGTM or Marketing Partner · 31 August 2023The GFANZ Hong Kong Chapter will collaborate with HKGFA on domestic initiatives including building capacity within the financial sector in Hong Kong SAR, mainland China, and the Asia region broadly. HKGFA Chairman Dr. Ma Jun, a former Co-Chair of the G20 Sustainable Finance Working Group, will advise the Chapter.
• Institute of International Finance (IIF)supportingGTM or Marketing Partner · 26 July 2023GFANZ and IIF co-hosted a voluntary carbon markets roundtable — the second in a series — bringing together global market participants committed to scaling climate finance. The collaboration focused on addressing practical and technical challenges in VCMs and ensuring standards alignment.
• Integrity Council for the Voluntary Carbon Market (ICVCM)coreStrategic or Co-development Partner · 26 July 2023ICVCM is developing Core Carbon Principles and an Assessment Framework on the supply side of voluntary carbon markets. GFANZ, VCMI, and COP28 are working to coalesce around ICVCM and VCMI standards to build a coherent end-to-end integrity framework for VCMs.
• World Bank GroupcoreStrategic or Co-development Partner · 22 June 2023At the Summit for a New Global Financing Pact in Paris, GFANZ Co-Chairs participated in a roundtable with World Bank Group President Ajay Banga and IMF Managing Director Kristalina Georgieva. The World Bank launched the Private Sector Investment Lab, co-chaired by Mark Carney and Shriti Vadera of Prudential, focused on addressing barriers preventing private sector investment in emerging markets and developing economies.
• International Monetary Fund (IMF)coreStrategic or Co-development Partner · 22 June 2023GFANZ participates in high-level roundtables with IMF Managing Director Kristalina Georgieva on mobilizing private climate investment in EMDEs. The IMF shares lessons from its Resilience and Sustainability Trust (RST) programs and collaborates with GFANZ on policy frameworks that enable private capital flow to emerging markets.
• COP28 Presidency (UAE)coreStrategic or Co-development Partner · 22 June 2023The UAE COP28 Presidency and GFANZ co-hosted a high-level roundtable on Voluntary Carbon Markets as an official side event to the Summit for a New Global Financing Pact. COP28 President-Designate Dr. Sultan Al Jaber and GFANZ Co-Chair Mark Carney co-chaired sessions aimed at scaling high-integrity VCMs for cross-border climate finance to EMDEs.
• Monetary Authority of Singapore (MAS)coreGTM or Marketing Partner · 8 June 2023GFANZ's APAC Network is advised by Managing Director of MAS Ravi Menon. MAS has proposed engagement over divestment for decarbonizing finance firms and launched coal phase-out criteria consultations, with GFANZ APAC joining MAS's coal phase-out project and regional policy initiative.
• UNFCCC Race to Zero CampaigncoreStrategic or Co-development Partner · 21 April 2021GFANZ is anchored in the UNFCCC's Race to Zero framework. It was launched alongside the Race to Zero campaign and the COP26 Presidency's Private Finance Hub. All GFANZ member institutions must align with the Race to Zero criteria.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Task Force on Climate-related Financial Disclosures (TCFD): Industry-led task force creating climate-related financial disclosure recommendations. GFANZ's Mary Schapiro heads the TCFD Secretariat, and TCFD's disclosure framework is foundational to GFANZ's transition planning guidance — making this a closely related coalition.
• CDP (Carbon Disclosure Project): Global non-profit operating environmental disclosure system for companies, cities, and investors. Comparable as an environmental data and disclosure coalition that financial institutions use to assess climate commitments, with overlap in driving transparency on climate action.
• Ceres: US-based sustainability nonprofit working with investors, companies, and policymakers on climate change. Comparable to GFANZ as a coalition of financial institutions and corporates advocating for climate-aligned finance and policy.
• Principles for Responsible Investment (PRI): UN-backed network of financial institution signatories committed to responsible investment and ESG principles. Directly comparable to GFANZ as a global financial-sector coalition providing voluntary frameworks and reporting standards for sustainable finance.
• Climate Bonds Initiative (CBI): International organization working to mobilize debt capital markets for climate action. Directly comparable as a non-revenue coalition providing standards, certification, and market intelligence for green and transition finance, overlapping heavily with GFANZ's transition finance work.
• Institutional Investors Group on Climate Change (IIGCC): European membership body for institutional investors focused on climate change. Directly comparable to GFANZ as a financial-sector coalition providing net-zero investment frameworks and coordinating investor action on climate.
• Net-Zero Banking Alliance (NZBA): UN-convened alliance of banks committed to net-zero by 2050 — one of the eight sector alliances under GFANZ. Directly comparable as a financial-sector coalition with overlapping but more specialized (banking-only) focus on net-zero transition planning.
• UNEP Finance Initiative (UNEP FI): Partnership between UNEP and the global financial sector to promote sustainable finance. Directly comparable as a UN-anchored coalition developing frameworks for banks, insurers, and investors on sustainability and net-zero alignment.

Broad incumbents

• The Climate Group: International nonprofit working with business and government on climate action, including the RE100 renewable electricity initiative. Comparable as a coalition-style organization driving climate commitments across corporate and financial actors, with broader scope than GFANZ.

Emerging players

• Science Based Targets initiative (SBTi): Partnership enabling companies and financial institutions to set science-based emissions reduction targets. Comparable to GFANZ in providing standardized frameworks for net-zero commitments, though focused on target-setting methodology rather than capital mobilization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/gfanz

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Glasgow Financial Alliance for Net Zero