Let’s start off with answering – whatttt is it exactly? The Net Zero Banking Alliance is a group of leading global banks – all committed to aligning pretty important activities with net-zero greenhouse gas emissions by 2050. What types of activities you ask? Their lending, investment and capital markets activities.
The Net-Zero Banking Alliance provides a groundwork, including science-based net-zero targets, that shapes how net-zero greenhouse gas emissions will deliver value for their investors and clients – sounds great, but big banks have other ideas.
Most recently, Morgan Stanley, Citi-Group, Bank of America and the like have completely bailed on the alliance – PEACE OUT! While all of these banks still have major environmental targets for the better, they all seemed to be in agreement that having a unifying accountability system put too much pressure on participation. Political? Perhaps. Or is it more the question of where is the line in the sand when it comes to successful independent governance for major financial institutions and just another “person asking if you’re doing something correctly” – Curious to see how these big banks will now independently make moves for environmental success. What are some of your strategic ideas for how? Climate change is real – but – so is our power to change it. Comment, share and the like!
Molski Law 