Collectively, this work will accelerate the implementation of net zero commitments and help to rapidly scale capital flows to support the net zero transition. The progress report also outlines the ambitious body of work underway – led by GFANZ CEOs – to address some of the biggest climate finance challenges, including defining net zero pathways for carbon-intensives sectors, aligning on what constitutes a robust transition plan for corporates and financial institutions, and a sector-wide plan to mobilise capital needed for decarbonisation in emerging markets. All firms will report their progress and financed emissions annually. Now firms across the entire financial spectrum – banks, insurers, pension funds, asset managers, export credit agencies, stock exchanges, credit rating agencies, index providers and audit firms – have committed to high ambition, science-based targets, including achieving net zero emissions by 2050 at the latest, delivering their fair share of 50% emission reductions this decade, and reviewing their targets towards this every five years. In its progress report published today, GFANZ announces that financial sector commitments to net zero now exceed $130 trillion, a 25-fold increase under the UK and Italian Presidency. New analysis, commissioned by the UN High Level Climate Action Champions, finds that the private sector could deliver 70% of total investments needed to meet net zero goals.