Reuters reports that the Net-Zero Banking Alliance (NZBA), an alliance of major banking and investment institutions which had allied in anti-trust fashion to try to force a government-subsidized energy transition, announced on Friday that it is immediately ceasing operations in the wake of a mass exodus of major U.S. firms in recent months.
Here’s an excerpt from the Reuters piece:
LONDON, Oct 3 (Reuters) - 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 organisation.
“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.
“The Guidance for Climate Target Setting for Banks and supporting implementation resources are the most widely used global banking framework focused specifically on setting decarbonisation targets and will remain publicly available,” the spokesperson said.
The decision follows a similar move by a climate group for the insurance industry in 2024. Another climate-focused organisation for the asset management industry is also considering its next steps after facing similar political pressure.
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In America, this is what we refer to as WINNING.
What a wonderful way to end the week.
That is all.
Anyone getting bored of all that winning yet? Nope....
Reading between the lines - without the USA banks to subsidize the ill -chartered operation they can’t pay the bills.
The entire concept was corrupt to start with and some banks found out they needed oil and gas business to make a profit and maintain reasonable risk. Others still haven’t figured it out. The banking industry made a huge error when they went greenie supporter at the expense of profitable business. The next hurdle for banks is the non paying commercial real estate portfolios.
It’s great to see success!!