"A coalition formed to align the international banking sector’s investments with global climate goals has disbanded nearly four years after it was launched.
Set up in 2021, the Net-Zero Banking Alliance (NZBA) was a U.N.-sponsored initiative to shift bank financing away from fossil fuels — the biggest source of climate changing greenhouse gases — and toward net-zero emissions by 2050. Members were required to set five-year targets and provide detailed reports on how they planned to meet their goals.
“The NZBA had laid out a timeline for members to develop detailed transition plans meaning the rubber was starting to meet the road and banks globally, not just in the US, were getting cold feet,” Allison Fajans-Turner, who works in climate and energy finance with the Rainforest Action Network, told Mongabay by email.
However, the alliance began hemorrhaging participants following the U.S. election of Donald Trump and his anti-environment rhetoric. All the major U.S. and Canadian banks withdrew from the group, soon followed by many European and Japanese financial institutions."
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