The banking alliance has been convened by the United Nations Environment Programme Finance Initiative (UNEPFI) to help mobilise the financial support necessary to build a global zero emissions economy and deliver the goals of the Paris Agreement, and provide a forum for strategic coordination among financial institutions to accelerate the transition to a net zero economy.
NZBA brings together an initial cohort of 43 of the world’s leading banks with a focus on delivering the banking sector’s ambition to align its climate commitments with the Paris Agreement goals with collaboration, rigour, and transparency, acknowledging the necessity for governments to follow through on their own commitments.
The commitments which all members of the NZBA have agreed to include:
Transitioning all operational and attributable greenhouse gas (GHG) emissions from their lending and investment portfolios to align with pathways to net-zero by mid-century, or sooner.
Setting intermediate targets for 2030, or sooner, for priority GHG-intensive and GHG-emitting sectors.
Facilitating the necessary transition in the real economy through prioritising client engagement and offering products and services to support clients’ transition.
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