net zero Banking Alliance (NZBA) News

New UK-Based Climate Group Emerges as Banks Retreat

It was a dank, drizzly February evening when about 120 people gathered in the brightly lit art gallery of London’s Guildhall, surrounded by gold-framed paintings ranging from Pre-Raphaelites to realists. At the event, Alok Sharma, a former member of the …

Four Canadian Banks Quit Climate Group as Exodus Begun by Wall Street Picks Up

Four of Canada’s biggest banks are leaving the industry’s top climate-finance alliance, joining Wall Street peers and extending an exodus that started in early December. Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, Bank of Montreal and National Bank of Canada …

EU Bank Regulator Tightens ESG Rules as Climate Risk Grows

Europe’s financial regulator for banks said lenders in the bloc must regularly and comprehensively measure ESG risks, in new guidelines designed to shore up the industry amid growing threats to financial stability from environmental and social factors. “ESG risks, in …

Top Climate Group for Banks, Insurers, and Asset Managers Is Making Changes

The world’s biggest climate coalition for financial firms is making adjustments after several high-profile banks, insurers and asset managers opted out. The Glasgow Financial Alliance for Net Zero, which was established in 2021 and operates as an umbrella group for …

Morgan Stanley to Leave Sector Climate Coalition

Investment bank Morgan Stanley said on Thursday it had decided to leave the Net-Zero Banking Alliance, becoming the latest U.S. lender to quit the sector’s top global climate coalition. While the bank gave no reason for its decision, top banks …

Wells Fargo Says It’s Quitting Climate-Banking Group

Wells Fargo & Co. said it’s leaving the world’s biggest climate alliance for banks, in the latest sign that Wall Street is breaking away from such groups. The company said in a statement Friday that it ended its membership in …

Goldman Sachs Quits Global Climate Coalition for Banks

Goldman Sachs said it has quit a sector coalition aimed at aligning bank lending and investment activities with global efforts to fight climate change, marking the latest high-profile departure of a U.S. financial firm from the group. The U.S. investment …