Until August, the two initiatives will move in a coordinated manner, with the condition for GFANZ participants to also respect the stringent criteria of Race to zero. 9  a serious obstacle to the financial system’s contribution to the fight against climate change. Secondly, a strategy to promote an orderly transition of the economic system towards the Paris goals should be multi-pronged.
While the thrust of the SSM goes in the right direction, it would be necessary to leverage the entire financial system, including the asset management and insurance sectors. Above all, action should also target non-financial companies, at least large ones and those with high emissions, prompting them to adopt ambitious and credible transition plans.