Net-Zero Banking Alliance Shuts Down
Following a mass exodus by major industry players, the Net-Zero Banking Alliance is shutting down.
The Net-Zero Banking Alliance (NZBA) has announced it will shut down operations immediately after its remaining members «voted to transition from a member-based alliance and to establish its guidance as a framework», according to a statement.
At its peak, the group saw nearly 150 members but since the re-election of US President Donald Trump who promised to boost fossil fuel production and withdrew from the Paris agreement for the second time, many banks exited NZBA including Goldman Sachs, J.P. Morgan, Morgan Stanley, Citi, HSBC and UBS. However, most said they remained committed to meeting their own internal targets for reducing emissions.
