One of the announcements made at COP26 that raised the most eyebrows came from Mark Carney, former governor of the Bank of England. As the leader of the Glasgow Financial Alliance for Net Zero (GFANZ) representing member banks, fund managers and insurers, Mr. Carney declared that $130tn of capital would be ‘committed to net zero’. For most of us, this is an incomprehensibly large amount of money. It is approximately 40% of global financial system assets and 6 times larger than the USA’s GDP. There had been real pressure for business to step-up to the challenge of net zero at COP26, but this promise was so colossal that it was widely met with disbelief.