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A prominent climate group that’s been rocked by an exodus of Wall Street banks is exploring its “next phase” to decide how best to help members manage strategies and risks.
Author of the article:
Bloomberg News
Alastair Marsh
Published Jan 16, 2025 • 1 minute read
(Bloomberg) — A prominent climate group that’s been rocked by an exodus of Wall Street banks is exploring its “next phase” to decide how best to help members manage strategies and risks.
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The Net-Zero Banking Alliance wrote in a message sent to members on Wednesday that it will “investigate how it can continue to deliver value and better support member banks to individually and independently implement their climate strategies and manage the climate-related risks, opportunities and objectives they face.”
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Goldman Sachs Group Inc., JPMorgan Chase & Co. and other big US banks have quit NZBA since the start of last month amid mounting pressure from Republican lawmakers who have attacked the industry’s climate efforts.
“While we regret to see any member leave the alliance, we appreciate the complexity of our US peers’ situation,” NZBA said in the note to members.
A spokesman for NZBA didn’t immediately reply to a message seeking comment.
NZBA still has more than 100 member banks from over 35 countries. Banks that are signed up commit to transition their financed emissions to align with “pathways to net zero by 2050” at the latest, according to the group’s website. They’re also required to provide 2030 targets to show they’re on track, and to document their progress.
The banking alliance has discussed how it can contribute to advocating for polices that support finance flows for the energy transition. It’s also reviewing how it can help members navigate the evolving landscape of sustainability regulations.
—With assistance from Saijel Kishan.
(Adds statement about sustainability regulations in last paragraph.)
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English (US)