Carney's Glasgow Financial Alliance for Net Zero , whose members include more than 550 financial firms with a combined $150 trillion of assets, saidit would no longer require adherence to Race to Zero, a U.N. initiative which requires signatories to phase out fossil fuels.
"Under antitrust rules, if you band together and decide you will all do one thing or you all won't do one thing, like decide that is the hard rule, then you have a potential problem," Carney said in an interview. Carney's comments come on the eve of the COP27 climate summit in Egypt, where countries are facing accusations they have been distracted from their pledges because of Russia's invasion of Ukraine, which caused an energy crunch and strengthened demand for fossil fuels.