Bank Climate Group Says Strategy Pivot Wins ‘Overwhelming Support’
NZBA signatories will be held to less stringent standard for reducing the emissions enabled by their lending.
The Net-Zero Banking Alliance’s asset base has contracted by about a third, or roughly $27 trillion, since the beginning of December, according to data from the group’s website.
Photographer: Dhiraj Singh/BloombergMost banks in the industry’s biggest climate alliance endorsed a proposal that will refocus the group on providing financial support for the energy transition and also hold signatories to a less stringent standard for reducing the emissions enabled by their lending.
Shargiil Bashir, chair of the steering group for the Net-Zero Banking Alliance, said in an interview that “well above” two-thirds of members voted on implementing a new strategy, and of those, more than 90% support the new direction. While he declined to provide a breakdown by region or disclose how specific banks voted, Bashir said the plan had “overwhelming support” from the group’s approximately 130 members.