We’ve been following the GFANZ turmoil with interest, as you all surely have as well. We won’t bore you with a lengthy analysis of what happened, what went wrong, and why, and how US banks can be persuaded to stay in. We don’t think you would read it. Instead, on the eve of COP27, we wanted to offer some thoughts on what GFANZ should have said (or not said) a year ago, in place of the press release that was actually issued. Because perhaps the only way forward for GFANZ is to start all over again. And if it is too late for GFANZ, we hope future initiatives take note and don’t fall into the same traps GFANZ did.