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The need to transition coal assets is particularly urgent within the region.
US responsible investment firm cites legal and compliance concerns over net-zero pledge.
The Swiss insurer is the second to drop out of initiative following Munich Re last week.
Financial news from Sharm El-Sheikh: IOSCO consults on carbon markets compliance, The White House publishes nature-solutions roadmap.
It comes as NGOs are 'extremely concerned' over change to GFANZ target setting requirements.
The initiative hopes to address global gaps in climate transition data.
The latest developments in sustainable finance: NBIM responds to amendments to G20 and OECD’s principles; France withdraws from ECT.
GFANZ Asia-Pacific is to develop guidance on how financial institutions can fund the managed phase-out of coal power generation in the region.
The latest developments in sustainable finance: Shell appoints new CEO, IGGCC proposes climate resilience framework.
The latest developments in sustainable finance: China tightens rules for green bond issuance; ACCR expands 'greenwashing' lawsuit against Santos.