The Net Zero Banking Alliance (NZBA) has said that it is ‘pausing its ongoing activities’ as it undertakes a membership vote to determine the future structure of its operations.
In a statement, the UN Environment Programme-backed initiative said that it will be asking its members to vote on a proposed transition from a ‘membership-based alliance to establishing its guidance as a new framework initiative’.
Recent departures
The pause in activities follows a recent spate of departures from the NZBA, which was launched in 2021 to support banks in aligning with climate goals.
In recent months, high-profile names including UBS, HSBC, JPMorgan, Citi, Morgan Stanley and Macquarie have all departed the alliance, with most adding that they remain committed to the net zero transition.
‘Appropriate model’
Commenting on the call for a membership vote, the NZBA said that its steering group ‘believes this is the most appropriate model to continue supporting banks across the globe to remain resilient and accelerate the real economy transition in line with the Paris Agreement, as well as to continue engagement with the global banking industry to develop further guidance and tools needed to support them and their clients.
‘Recognising there is major opportunity for banks and key stakeholders to build on the Alliance’s outputs and to accelerate action on key priorities, NZBA encourages the banking sector to remain steadfast in implementing their net-zero commitments.’
The outcome of the vote will be communicated at the end of September 2025.
A few weeks back, a spokesperson for the NZBA, which still boasts more than 120 members, said that the alliance’s goals remain steadfast on “supporting its members to lead on climate by addressing the barriers preventing their clients from investing in the net-zero transition. […] NZBA is uniquely positioned to provide the practical support banks need to grasp the opportunities and manage the risks of the move to net zero.” Read more here.
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