This op-ed first appeared in the World Economic Forum on January 16, 2023.

Oliver Wyman is proud to have provided knowledge and advisory support to the GFANZ Secretariat on this important work.

In this note, we summarise key highlights from GFANZ's latest releases, particularly those related to financial institution progress and resources to support transition planning.
The annual GFANZ Progress Report highlights and summarizes the progress made by the sector-specific net zero alliances since COP26:

Growth in membership. GFANZ membership has grown by over 20 percent to more than 550 members since COP26 across seven sector-specific alliances. These members represent over $80 trillion in financial assets under management, $70 trillion in banking financial assets, and $700 billion in gross written premiums.

More scrutiny on progress against net zero commitments. GFANZ members have made progress on setting interim targets as per their voluntary commitments. As of 21 October 2022, approximately 250 out of more than 550 members have published interim net zero targets. This includes 40 percent of NZAM members (118 asset managers), 57 percent of NZAOA members (44 asset owners) and 45 percent of NZBA members (53 banks) globally, and 65 percent of PAAO members (37 asset owners). More recently established alliances (NZIA, NZFSPA, NZICI) are still developing their target-setting frameworks, and members will be expected to make progress on their target setting in the coming years.

Look ahead to more implementation support. The GFANZ work programme this year has been focused on “Net Zero Implementation” with advancing standards on net zero transition planning at its core. The alliances will also continue to support members in net zero implementation, including rising awareness and support on target setting, transition planning, and engagement activities.

Download our full briefing note or read the new publications from GFANZ below: