NZBA exodus - a setback of climate policy?

What is Net-Zero Banking Alliance (NZBA)? The NZBA is a global initiative led by the United Nations Environment Programme Finance Initiative (www.unepfi.org). It aims to align banking activities, including aligning lending, investment, and capital markets activities, with the goal to achieve net-zero greenhouse gas emissions by 2050.

Given recent headlines about the Palisade wildfire and the exodus of large U.S. banks from the NZBA, it appears that the road ahead for the global efforts to combat climate change and transition to a clean energy future is becoming more challenging. Nevertheless, progress is rarely a straight line to any destination. With the collective wisdom of global leaders, researchers, and innovators, I am confident we will eventually move forward.

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