Blackstone, Pimco Sidestep Net-Zero Group Even After Concessions (1)

Even after easing its terms, the world’s largest climate-finance coalition has failed to draw in some of the giants of investing.

The Glasgow Financial Alliance for Net Zero is heading into the COP27 climate summit in Egypt having agreed to let signatories avoid binding restrictions on fossil finance. The concession, which drew condemnation from climate activists, coincided with a GFANZ announcement that it attracted an extra 100 members during the past year, representing a combined $20 trillion in additional assets.

GFANZ co-chair, Mark Carney, recently said that instead of criticizing members for not doing enough, it’s time to focus on holdouts. “We ...