Q. The term “GFANZ” is often seen in news is related to which of the following?

[A] Species conservation

[B] Climate finance

[C] .Ozone control process

[D] None of the above

Answer: B

GLASGOW FINANCIAL ALLIANCE FOR NET ZERO (GFANZ) was launched by UN Special Envoy for Climate Action and Finance, along with UNFCCC Climate Action Champions, and the COP26 Presidency.

  • GFANZ was originally unveiled in 2021 as a forum for leading financial institutions to accelerate transition to a net-zero global economy through de-carbonization of the economy in line with the Paris agreement. The Objective of ‘net Zero’ is to reach net-zero emissions by 2050.
  • The target is in line with Race to Zero campaign of UN that rallies non-state actors, including companies, cities, regions, financial and educational institutions to take rigorous and immediate action to halve global emissions by 2030.

Source: The Hindu