BackNZBA: climate finance scales back its ambitions
Founded in the wake of COP26 in Glasgow, the Net-Zero Banking Alliance is reportedly about to relax its climate targets, according to the NGO Reclaim Finance.
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‘Financial institutions should systematically equip themselves with a framework for analysing the sufficiency and credibility of the transition plans of the financed companies’
💡 While the future of the Net-Zero Banking Alliance (NZBA) is currently being decided behind closed doors, Mathieu Viviani, a journalist at La Tribune, has devoted an article to the subject, citing our report from last December on the ‘net-zero’ commitments of European banks.
He reports the words of Lucie Pinson (Reclaim Finance):
‘The alliance completely removes the obligation for banks to set targets for their financing activities in line with the 1.5°C temperature target.’
‘The goal of carbon neutrality by 2050 is also no longer relevant.’
‘Even less ambitious, this alliance has the merit of bringing together some of the energies, but above all it does not prevent banks from acting individually in their decarbonisation.’
🔍 The Sustainable Finance Observatory will continue to monitor and evaluate the climate commitments and strategies of financial players even if the alliances under the aegis of the Glasgow Financial Alliance for Net Zero (GFANZ) lose their main attraction: providing a common accountability framework.