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Financial institutions shift climate strategies amid GFANZ changes

Published: 6 February 2025

Despite BlackRock鈥檚 exit from the Glasgow Financial Alliance for Net Zero (GFANZ), climate action remains a key priority for financial institutions, says Sebastien Betermier, Associate Professor of Finance. He notes that asset managers are shifting their strategies to focus on helping firms transition to net zero rather than maintaining strictly net-zero portfolios. While GFANZ is adapting to these needs, Betermier warns that moving away from alliances could weaken collective action. In an interview with Benefits Canada, he stresses the importance of maintaining climate commitments to drive long-term financial and environmental progress.

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