Remaining Banks In Net-Zero Alliance Vote Overwhelmingly For Bold New Climate Approach: "Fuck It, Something Something"
LONDON, April 15 (Reuters) - The world's leading bank coalition looking to help tackle climate change has voted to ditch some of its more stringent membership rules to better reflect the slow pace of change in the real economy, its chair told Reuters.
The UN-backed Net Zero Banking Alliance has been canvassing members over changes to its rules amid the withdrawal of some of the coalition's biggest banks and as the United States leads calls to abandon climate action in the financial sector.
Banks voted to abandon a more stringent target to align all sector financing with 1.5 degrees Celsius above the pre-industrial average by mid-century and replace it with a more flexible ambition to align their businesses with a well-below 2 degrees target, albeit striving for 1.5 degrees.
The changes reflect recognition that the real economy is falling short in its transition to be more sustainable while policy making and technology advances have not happened at the rate predicted when banks and asset managers first came together to declare collective action for climate at COP26 in Glasgow.
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The overhaul reflects NZBA's next phase as it moves from primarily a target-setting organisation to one which helps banks implement those changes through webinars, sectoral papers and other capacity-building activities, Bashir said. Options to be discussed include how the financial industry can use different methods of accounting for calculating or reducing planetary warming emissions such as avoided emissions or carbon markets, Bashir said.
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https://www.reuters.com/sustainability/cop/banks-vote-loosen-climate-coalition-membership-rules-2025-04-15/