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ARTICLE · 19 NOVEMBER 2021

COP26: The Future Of Financial Services

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November 3, 2021 was "Finance Day" at the 26th Conference of the Parties (COP26) in Glasgow, Scotland.

CanadaFinance and Banking
Kevin Lambie
Kevin Lambie
John Vellone
John Vellone
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November 3, 2021 was "Finance Day" at the 26th Conference of the Parties (COP26) in Glasgow, Scotland.

What you need to know

  • The Glasgow Financial Alliance for Net Zero (GFANZ) released a progress report, which provides further guidance for members of the Net Zero Banking Alliance (NZBA) and other financial service subsectors;
  • All member states of the United Nations Framework Convention on Climate Change (UNFCCC) agreed to the Glasgow Climate Pact (the Pact);
  • Article V, paragraphs 47 and 55 urge financial institutions (among others) to (i) further scale up investments in climate action, and (ii) accelerate the alignment of their financing activities with the goals of the Paris Agreement; and

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