Net-Zero Banking Alliance formally winds down after Wall Street exodus
THE world’s biggest climate alliance for banks said on Friday (Oct 3) that it has ceased operations, bringing to a formal end a project that drew net-zero pledges from many of the world’s biggest lenders just four years ago.
The Net-Zero Banking Alliance (NZBA) said in an e-mailed statement that its remaining signatories endorsed a proposal that the coalition no longer exist as a “member-based alliance”.
It had paused its activities in late August while waiting for the result of a vote by its members, with some having already defected since last year.
An NZBA spokesperson noted that the alliance’s Guidance for Climate Target Setting for Banks and supporting implementation resources are “the most widely used global banking framework focused specifically on setting decarbonisation targets”.
That guidance to help banks set targets to reduce their financed emissions over time will remain publicly available, and individual banks can continue to reference these resources to help develop and deliver on their own net-zero transition plans, said NZBA.
NZBA, which at its peak represented more than 40 per cent of global banking assets, suffered a body blow this year as its biggest members walked out in quick succession.
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Following the re-election of US President Donald Trump in November, Wall Street’s biggest banks left as the Republican Party stepped up threats against those embracing net-zero policies.
Banks in Canada, Japan, Australia, the UK and Switzerland subsequently walked out. Most said they would continue to pursue internal emissions targets.
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