Global firms commit $130t to tackle climate crisis

London (CNN Business) - Banks, insurers, pension funds, money managers and other finance firms with $130 trillion in assets have signed up to tackle the climate crisis, swelling the ranks of a coalition led by former Bank of England governor Mark Carney.

More than 450 companies across 45 countries have now committed to achieving the goals of the 2015 Paris climate agreement, the Glasgow Financial Alliance for Net Zero (GFANZ) announced Wednesday at the COP26 summit.

The coalition controls over 40% of global banking assets, and its organisers predict it can deliver $100 trillion of finance over the next three decades — over $3 trillion a year — to accelerate the transition to net zero carbon emissions.