The world’s biggest climate alliance for banks said on Friday it has ceased operations, bringing to a formal end a project that drew net-zero pledges from many of the world’s biggest lenders just four years ago.
The Net-Zero Banking Alliance said in an emailed statement that its remaining signatories endorsed a proposal that the coalition no longer exist as a “member-based alliance”.
The guidance NZBA has developed to help banks set targets to reduce their financed emissions over time will remain publicly available, and individual banks can continue to reference these resources to help develop and deliver on their own net-zero transition plans, it said.
NZBA, which at its peak represented more than 40% of global banking assets, suffered a body blow this year as its biggest members walked out in quick succession.
Following the re-election of Donald Trump in November, Wall Street’s biggest banks left as the Republican Party stepped up threats against those embracing net-zero policies.
Banks in Canada, Japan, Australia, the UK and Switzerland subsequently walked out. Most said they’d continue to pursue internal emissions targets.
