By Faridat Salifu
In a significant stride towards combating climate change, the Glasgow Financial Alliance for Net Zero (GFanz) has pledged its unwavering support to Brazil’s endeavor to foster a sustainable economy while curbing carbon emissions.
GFanz, the world’s largest climate finance coalition, declared its endorsement of a novel climate transition platform for Brazil, to be spearheaded by the Brazilian Development Bank.
This pioneering initiative aims to cultivate collaboration between the public and private sectors, facilitating the mobilization of capital for projects aligned with the government’s eco-friendly growth objectives.
Moreover, GFanz unveiled the establishment of a Brazil Country Chapter, poised to assemble leading financial institutions in Brazil. The chapter’s mandate encompasses amplifying awareness, fostering ambition, and nurturing collaboration in the realm of climate finance.
Notably, Joaquim Levy, former finance minister of Brazil, has been appointed as the chair of a distinguished panel of industry stalwarts, tasked with providing strategic guidance to the chapter.
These groundbreaking initiatives are meticulously crafted to bolster Brazil’s ambitious agenda of halving its emissions by 2030, expediting the decarbonization of key industries, and rejuvenating natural ecosystems.
GFanz’s proactive involvement is set to not only fortify Brazil’s climate resilience but also to align with the climate finance priorities outlined during Brazil’s G20 Presidency.
The co-chairmanship of GFanz by distinguished figures like Mark Carney, Chair of Bloomberg Inc.’s board and former Governor of the Bank of England, alongside Michael R. Bloomberg, founder of Bloomberg News parent Bloomberg LP, underscores the gravity of this collaborative effort towards a sustainable future.