Spread out across 45 countries, the biggest names in international finance will make climate-related investment decisions over the next 30 years that are six times larger than the U.S. economy in 2021.

They have a specific industry in mind, one still in its infancy: the decarbonization sector. Investment committees intend to make money from corporations that reduce, eliminate and remove carbon dioxide emissions from the atmosphere.

The Glasgow Financial Alliance for Net Zero, which announced new commitments at the COP-26 climate summit, may be the most important global effort to tackle climate change. The alliance is made up of international banks, pension funds and insurance companies committed to reducing and capturing emissions so that CO2 levels remain steady or decline after 2050, a goal called net zero.

“To ensure adequate investment is made to support the transition to net zero, we are actively working to make climate a central consideration in all financial decisions,” the alliance said in a statement. “We recognize that the capital allocation decisions we make today will have climate ramifications for years to come.”

Michael Bloomberg and former United Kingdom finance chief Mark Carney lead the alliance. Founding members include Allianz,…

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