DeVere joins financial powerhouses as founding member of major new Net Zero initiative

DeVere Group has become a founding member of a new international alliance that will help accelerate the transition to a net zero financial system.

The international financial advisory firm joined the world's two largest credit rating agencies, six major audit networks, three leading index providers, and two global stock exchanges to launch the Net Zero Financial Services Providers Alliance on 22 September. 

The Net Zero Financial Services Providers alliance joins the Glasgow Financial Alliance for Net Zero, the UN group for financial institutions to make credible net zero commitments through the UN's Race to Zero project.

The founding organisations of the new alliance include BDO, Campbell Lutyens, Deloitte, EY, Grant Thornton, KPMG, The London Stock Exchange Group, Minerva Analytics, Moody's, Morningstar, MSCI, PwC, SGX, Solactive, S&P Global and SSE.

As a member of the new alliance, deVere said it is committing to aligning all relevant products and services to achieve net zero greenhouse gases by 2050 and to set meaningful interim targets for 2025.

These commitments are in addition to the members setting Science Based Targets to reduce operational emissions in line with limiting global temperature rises to 1.5 degrees Centigrade.

Of the global alliance, deVere Group CEO and founder Nigel Green said "This represents a critical step forward in the transition towards a net zero economy by major financial companies committing to using their resources and best endeavours to achieve their own targets."

He continued: "Climate change is a defining issue of our time and we're fully on board at all levels to ultimately reach a net zero future.

"We're proud to be working with a group of internationally recognised standard-setting organisations and play a pivotal part in an alliance that will make a real, measurable impact."

Mark Carney, the UK Prime Minister's Finance Adviser for COP26 said: "The new Net Zero Financial Service Providers Alliance will be critical to helping the financial sector achieve net zero. By joining the alliance and GFANZ, these firms are committing to ensuring their products and services support a high ambition, credible net zero transition that we need to achieve our 1.5 degree goal."

Alok Sharma, the COP26 President-Designate, said: "Helping to mobilise the finance needed to accelerate the transition to net zero by mid-century is crucial to save our planet from the worst effects of catastrophic climate change. These new commitments from major financial services providers show great climate leadership towards helping us to net zero."

Nigel Topping, the UN High Level Climate Champion for COP26 said: "Financial services providers can help turn the trillions of dollars of capital already committed to net zero into the real and tangible investments we need. I welcome the ambition of this alliance in going beyond reaching net zero in their own operations to help turn ambition into action."