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Evening Standard

Business

Rebecca Speare-Cole

Global banking climate group to stop operations after member exodus

United States Barclays HSBC NZBA

The industry’s climate group has ceased operations (Matthew Vincent/PA) - (PA Wire)

The banking sector’s global alliance for setting climate targets has ceased operations after an exodus of its members over the last year.

Assembled in 2021 by the UN Environment Programme’s finance initiative but led by banks, the Net Zero Banking Alliance (NZBA) committed members to align their lending, investment and capital markets activities with cutting planet-warming greenhouse gas emissions to net zero by 2050.

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