US EditionClimate Alliance Suspends Activities After Global Banks Walk Out
The Net-Zero Banking Alliance paused operations after over 120 members exited amid political backlash and internal disputes, with remaining members voting in September on its future.
- On Wednesday, the Net-Zero Banking Alliance suspended its activities after global exits and will hold a member vote next month on its future, asking remaining signatories to decide its continuation.
- Goldman Sachs Group Inc.'s exit triggered a cascade of withdrawals, with HSBC Holdings Plc and Barclays Plc leaving in recent weeks amid political pressure from the Donald Trump Administration and Republican Party attacks.
- Membership rose from 43 founding banks in 2021 to more than 120 before the exodus, as all six largest U.S. banks and Canada's five largest banks exited the NZBA co-founded by Mark Carney.
- The NZBA is proposing a shift to a framework-style advisory model, and the NZBA steering group will use the coming weeks to detail the transition, increasing uncertainty for investors and companies.
- Campaigners argue the collapse shows voluntary pledges fall short, urging binding regulation as banks lent nearly $6.4 trillion to fossil fuels since 2015 while most departors keep internal net-zero commitments.
12 Articles
12 Articles
Wall Street’s climate coalition suspends activities
Tim’s viewWall Street’s climate coalition is drawing its last breaths, and that may be a good thing.The Net-Zero Banking Alliance will suspend its activities, the group said on Wednesday, pending a vote next month by its few remaining members on whether it should continue to exist. What started in 2021 as a venue for green virtue signaling quickly ran into trouble as shareholders and Republican politicians balked at the notion of banks making ch…
Net-Zero Banking Alliance suspends activities as major lenders turn back on green initiatives
The Net Zero Banking Alliance (NZBA has suspended its activities following a dramatic withdrawal of major members and growing global scepticism towards green enterprise
The Net-Zero Banking Alliance is dead - Stand.earth
It’s official: the Net-Zero Banking Alliance is dead. Cause of death: profit and greed. Set up in 2021 by Mark Carney, now Canada’s Prime Minister, the Net-Zero Banking Alliance (NZBA) was based on the premise that more information, disclosure, and voluntary action would be enough to address the destructive fossil fuel financing from the world’s largest banks. Unfortunately, this was never the case. While I hate to say “I told you so…” I told yo…
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