By Paul Homewood
h/t Ian Magness
Bloomberg reports:
The world’s biggest climate alliance for banks suspended its activities and proposed a vote on scrapping its current structure after hemorrhaging members across the globe.
The Net-Zero Banking Alliance, which has been virtually wiped off the North American map and is now starting to lose ground in Japan, Australia and Europe, is asking remaining signatories to decide whether the group should continue to exist as a membership-based organization, according to a statement on Wednesday.
The announcement comes four years after the group’s founding members, which included the world’s biggest banks, stated their commitment to aligning their lending and investment portfolios with achieving net zero greenhouse gas emissions by 2050. The reality is NZBA “never truly challenged the fossil fuel-oriented business models of major banks,” said Lucie Pinson, the founder of climate nonprofit Reclaim Finance.
Full story here.
The Net Zero banking strategy was never based on economics. It was a mixture of subsidy harvesting and green virtue signalling. It was driven, I suspect, by a small core of eco-zealots in each organisation. One by one, banks are pulling out as saner heads take charge.
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Author: Paul Homewood
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