Net-Zero Banking Alliance shuts down after mass exodus by members

Following a wave of defections from major banks, the Net Zero Banking Alliance says it is shutting down immediately.

The Net-Zero Banking Alliance is to cease operations after a vote to wind up the group which had already lost many of its members amid allegations from some U.S. lawmakers that membership breached antitrust regulations, according to Reuters.

The alliance, set up in 2021, was the banking industry’s main body leading the sector’s global effort to cut carbon emissions. An overhaul was proposed in August after many big banks left, to create a „framework initiative” rather than a membership-based organisation.

„As a result of this decision (vote), NZBA will cease operations immediately,” a spokesperson for the group said.

Its resources, developed over several years, will remain accessible to banks seeking guidance on how to set decarbonisation targets.

„The Guidance for Climate Target Setting for Banks and supporting implementation resources are the most widely used global banking framework focused specifically on setting decarbonisation targets and will remain publicly available,” the spokesperson said.