The umbrella group of global financial institutions co-founded by former Bank of England governor Mark Carney is in urgent talks to review the terms of oversight by a UN climate change body, according to people familiar with the group.
The wrangling indicates the scale of the challenge faced by global leaders next week at annual meetings of the IMF and World Bank and at the upcoming COP27 UN climate summit, as they seek to corral climate action in the face of acute concerns about energy security.
Banks in the US including JPMorgan have suggested that they may withdraw from the so-called Glasgow Financial Alliance for Net Zero (Gfanz), citing concerns they could be at risk of breaching antitrust laws in the US if they took guidance on investment decisions from the UN campaign.