THE world’s biggest climate finance coalition has pledged to support Brazil’s ambitions to green its economy and cut carbon emissions.

The Glasgow Financial Alliance for Net Zero (GFanz) said in a statement on Tuesday (Feb 27) it’s backing a new climate transition platform for Brazil that will be led by the Brazilian Development Bank. The initiative will foster public-private collaboration to enable the mobilisation of capital to finance projects that support the government’s green growth goals

GFanz also announced a Brazil Country Chapter that will convene Brazilian financial firms “to raise awareness, ambition, and collaboration on climate finance.” Joaquim Levy, former finance minister of Brazil, will serve as chair of a group of industry leaders that will provide expertise to the chapter, GFanz said.

The new initiatives are designed to support Brazil’s ambition to halve its emissions by 2030, accelerate the decarbonisation of industry and restore natural ecosystems, GFanz said. They should also help advance the climate finance priorities of Brazil’s G20 Presidency.

GFanz is co-chaired by Mark Carney, who is the chair of Bloomberg Inc.’s board and a former Bank of England governor, and Michael R Bloomberg, the founder of Bloomberg News parent Bloomberg LP. BLOOMBERG