Shutterstock Save for later Print Download Share LinkedIn Twitter Governments need to intervene in a stronger, more direct way to spur the financial industry to phase out oil and gas from their portfolios at a swifter pace, an adviser to the hugely influential Glasgow Financial Alliance for Net Zero (Gfanz) tells Energy Intelligence. Banks and other financial institutions are in theory quite willing to steer their lending and investments away from the expansion of oil and gas. The main impediment is the risk of their competitors taking advantage of those opportunities if they forgo them, Gfanz adviser James Vaccaro said on the sidelines of COP27 in Egypt. He is also the executive director of the Climate Safe Lending Network.
