US EditionMark Carney-launched Net-Zero Banking Alliance votes to shut down
The UN-backed alliance dissolved after losing most members amid political pressure and legal concerns, with 140 members representing $74 trillion at its peak, shifting to a guidance framework.
- On Friday, the Net-Zero Banking Alliance's members voted to wind up the group, ceasing operations and shifting to a guidance-based framework; Mark Carney launched NZBA in 2021 as UN Special Envoy.
- After Goldman Sachs quit, major U.S. banks followed and Canadian lenders left in early 2025 amid sustained pressure from U.S. Republican lawmakers warning of legal risks.
- After rapidly expanding from 43 banks to over 140 representing $74 trillion in 2024, NZBA's guidance, including version 4, remains publicly available.
- The shutdown positions NZBA as the second UN-aligned net-zero industry group to stop operations in 2025, and banks will be involved in developing further plans over the next six to 12 months.
- Jeanne Martin of ShareAction said `It's bitterly disappointing`, urging senior bankers to raise accountability on climate, while Gill Lofts of EY called it a pragmatic reassessment opening participation from emerging markets.
63 Articles
63 Articles
Carney-launched climate banking alliance ceases operations
Read: 2 min The Net-Zero Banking Alliance, a UN-backed initiative that Mark Carney helped launch before becoming prime minister, announced its immediate shutdown on Friday. Launched in 2021, the NZBA aimed to get banks to slash the carbon footprint of their loans and investments, and help drive the transition to a net-zero economy by 2050. At its peak, the group counted nearly 150 members. But the alliance had been losing members since late last…
Climate banking alliance Carney helped launch votes to shut down
A global banking group that Prime Minister Mark Carney helped launch in 2021 to fight climate change has voted to shut down. A spokesperson for the UN-backed Net-Zero Banking Alliance says members voted to end the membership-based structure and instead use the climate guidance the group created as a reference.
Net-Zero Banking Alliance Founded by Mark Carney Votes to Dissolve
A global banking alliance founded by Prime Minister Mark Carney in 2021 to prioritize lending and investment to meet net-zero emissions targets has voted to end its operations. The U.N.-backed Net-Zero Banking Alliance (NZBA) says members voted to end the membership-based structure and instead use the climate guidance the group created as a reference. The alliance is disbanding immediately, after having already suspended its work at the end of A…
The Net Zero Banking Alliance, a global carbon-neutral group launched in 2021 by Mark Carney, has ceased operations.
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