Mark Carney, co-chair of a group of financial firms that has pledged to tackle climate change, told Reuters its members were allowed to drop out of a United Nations initiative that mandates the phasing out of fossil fuels because of antitrust concerns.
Carney's Glasgow Financial Alliance for Net Zero , whose members include more than 550 financial firms with a combined $150 trillion of assets, saidit would no longer require adherence to Race to Zero, a U.N. initiative which requires signatories to phase out fossil fuels.
"Under antitrust rules, if you band together and decide you will all do one thing or you all won't do one thing, like decide that is the hard rule, then you have a potential problem," Carney said in an interview. Carney's comments come on the eve of the COP27 climate summit in Egypt, where countries are facing accusations they have been distracted from their pledges because of Russia's invasion of Ukraine, which caused an energy crunch and strengthened demand for fossil fuels.
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