Net zero banking alliance to cease operations in wake of member exodus

The Net-Zero Banking Alliance is to cease operations after a vote to wind up the group which had already lost many of its members amid allegations from some U.S. lawmakers that membership breached antitrust regulations.

The alliance, set up in 2021, was the banking industry’s main body leading the sector’s global effort to cut carbon emissions. An overhaul was proposed in August after many big banks left, to create a “framework initiative” rather than a membership-based organization.

“As a result of this decision (vote), NZBA will cease operations immediately,” a spokesperson for the group said.

Its resources, developed over several years, will remain accessible to banks seeking guidance on how to set decarbonisation targets.

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