Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Eniola Odetunde/Axios

A big, UN-backed umbrella group of banks, asset managers, investors and insurers launched Wednesday to boost private clean tech finance and press polluting industries that use their services to cut emissions.

Why it matters: The Glasgow Financial Alliance for Net Zero (GFANZ) is the broadest financial industry effort yet on climate change.

  • The group's 160-plus members are responsible for over $70 trillion in assets, organizers said.
  • "GFANZ will work to mobilise the trillions of dollars necessary to build a global zero emissions economy and deliver the goals of the Paris Agreement," the announcement states.

The big picture: It coordinates various industry initiatives and seeks to add methodological rigor to pledges to decarbonize lending portfolios and other practices.

  • It's led by Mark Carney, a UN climate ambassador and climate finance advisor to the U.K., which hosts a big UN climate summit late this year.
  • Biden administration officials support the effort that arrives just ahead of this week's White House climate summit.
  • Participants include Barclays, Morgan Stanley, Citigroup, Munich Re, the Zurich Insurance group and many others.

How it works: The new group combines some existing financial sector initiatives and adds new efforts.

  • Today brought simultaneous rollout of the Net-Zero Banking Alliance of 43 banks from 23 countries.
  • GFANZ will provide "strategic coordination" across financial sectors to "accelerate the transition to a net zero economy" it states.
  • Signatories must set "set science-aligned" interim and long-term goals for net zero emissions by 2050.

The banks involved agree to ensure emissions from their lending and investment portfolios are on a "pathway" to net zero by 2050, with interim targets beginning no later than 2030.

The banks will especially focus on the most emissions-intensive industries in their portfolios, like oil-and-gas, aluminum, cement, power and others.

What they're saying: Several environmentalists were critical of GFANZ and the banking portion in particular this morning, noting the voluntary efforts don't do nearly enough to move finance away from fossil fuels.

  • "All that glitters is not gold. What seems at first glance to be quite ambitious, actually lacks the urgency and ambition that the climate crisis demands," said Becky Jarvis of the advocacy group Bank On Our Future in a statement.
  • "Net-zero means fossil fuel phase out, a term which this alliance seems to be allergic to," Jarvis said.
  • Jeanne Martin of the sustainable investment advocacy group ShareAction said net zero plans aren't credible without setting dates to end financing for fossil fuels and deforestation. "It is time for regulators to step in to prevent financial and planetary instability," Martin said.

Go deeper

Ben Geman, author of Generate
Jul 28, 2021 - Energy & Environment

Report: European power demand outpaces fossil fuels

Reproduced from an Ember report; Chart: Axios Visuals

A new analysis finds that European Union electricity use is almost back to its pre-pandemic levels, but the bloc's use of fossil fuels to generate power has not returned nearly as much.

The big picture: The data, via the environmental think tank Ember, reveal a mixed verdict of sorts for the EU's efforts to decarbonize.

Ben Geman, author of Generate
Jul 29, 2021 - Energy & Environment

SEC boss offers rough roadmap on climate plans

Photo illustration: Sarah Grillo/Axios. Photo: Chip Somodevilla/Getty Images

Securities and Exchange Commission chair Gary Gensler yesterday shared his thinking on looming climate risk disclosure rules and said he wants more coherence around climate-friendly investing.

Driving the news: Gensler, in comments yesterday, said he's tasked SEC staff with coming up with a draft regulation by the end of the year.

Updated 31 mins ago - Sports

Experts predict major boom for North American sports stadiums

Rendering of the $375 million Moody Center on the UT-Austin campus. Photo courtesy of Moody Center

Stadium and arena construction in North America will total a relatively tame $5.8 billion this year, a 12% decrease from 2021.

The big picture: What the industry lacks in construction it expects to make up for in design, with experts predicting a sports venue boom over the next half-decade, SBJ reports.