Simon Jessop and Greg Roumeliotis,

NEW YORK, (Reuters) – United Nations climate envoy Mark Carney will meet in London with top private equity firms on Wednesday to court a segment of the financial market that was reluctant to support his initiative. According to sources familiar with the matter,

Major buyout companies have refused to sign up for Carney’s Glasgow Financial Alliance for Net Zero, a group of asset managers, banks, and insurance firms with $130 trillion in assets.

Many private equity firms point out the other climate initiatives they’ve adopted. Privately, they claim that the constant buying and selling of companies means it is difficult for them to make a commitment to GFANZ’s primary goal to reduce carbon emissions from their investments to zero net by 2050 in accordance with the Paris climate treaty.

Sources said that Carney (an ex-Governor of the Bank of England) will meet with top executives of some of the largest private equity firms in the world, such as Blackstone, BC Partners, and KKR on May 11.

Sources requested anonymity due to the confidential nature of the meeting. A spokesperson from KKR could not be reached immediately for comment.

Initiative Climate International, an alliance of buyout firms seeking to “better understand and manage climate risk”, has been joined by 164 firms.

iC International invites its members to “contribute” towards helping the world achieve the Paris Agreement goal to limit global warming below 1.5 degrees Celsius. However, unlike GFANZ, it does not set any binding goals.

GFANZ announced that it will release a number of white papers, frameworks and other guidance as part of its preparations for U.N. Climate Summit in Egypt, November.