SOURCE: Whitney Webb via Unlimited Hangout<\/p>\n\n\n\n
The most powerful private financial interests in the world, under the cover of COP26, have developed a plan to transform the global financial system by fusing with institutions like the World Bank and using them to further erode national sovereignty in the developing world.<\/p>\n\n\n\n
On Wednesday, an \u201cindustry-led and UN-convened<\/a>\u201d alliance of private banking and financial institutions announced plans<\/a> at the COP26 conference to overhaul the role of global and regional financial institutions, including the World Bank and IMF, as part of a broader plan to \u201ctransform\u201d the global financial system. The officially stated purpose of this proposed overhaul, per alliance members, is to promote the transition to a \u201cnet zero\u201d economy. However, the group\u2019s proposed \u201creimagining\u201d of international financial institutions, according to their recently published \u201cprogress report,\u201d would also move to merge these institutions with the private-banking interests that compose the alliance; create a new system of \u201cglobal financial governance\u201d; and erode national sovereignty among developing countries by forcing them to establish business environments deemed \u201cfriendly\u201d to the interests of alliance members. In other words, the powerful banking interests that compose this group are pushing to recreate the entire global financial system for their benefit under the guise of promoting sustainability.<\/p>\n\n\n\n This alliance, called the Glasgow Financial Alliance for Net Zero (GFANZ), was launched in April by John Kerry, US Special Presidential Envoy for Climate Change; Janet Yellen, US Secretary of the Treasury and former chair of the Federal Reserve; and Mark Carney, UN Special Envoy for Climate Action and Finance and former chair of the Bank of England and Bank of Canada. Carney, who is also the UK prime minister\u2019s Finance Advisor for the COP26 conference, currently cochairs the alliance with US billionaire and former mayor of New York City, Michael Bloomberg. <\/p>\n\n\n\n On its creation, GFANZ stated that it would \u201cprovide a forum for strategic coordination among the leadership of finance institutions from across the finance sector to accelerate the transition to a net zero economy\u201d and \u201cmobilize the trillions of dollars necessary\u201d to accomplish the group\u2019s zero emissions goals. At the time of the alliance\u2019s launch, UK prime minister Boris Johnson described GFANZ as \u201cuniting the world\u2019s banks and financial institutions behind the global transition to net zero,\u201d while John Kerry noted that \u201cthe largest financial players in the world recognize energy transition represents a vast commercial opportunity.\u201d In analyzing those two statements together, it seems clear that GFANZ has united the world\u2019s most powerful private banks and financial institutions behind what it sees, first and foremost, as \u201ca vast commercial opportunity,\u201d the exploitation of which it is marketing as a \u201cplanetary imperative.\u201d<\/p>\n\n\n\n