43 banks launch Net-Zero Banking Alliance as key part of consolidated Glasgow Cop Climate Action

The European Banking Federation (EBF) welcomes the global Net Zero Banking Alliance (NZBA) convened by the United Nations Environment Programme Finance Initiative (UNEP FI) together with 43 banks. The launch unites existing and new net-zero finance initiatives into one sector-wide strategic forum: The Glasgow Financial Alliance for Net Zero (GFANZ). The newly found alliance will work to mobilise trillions of dollars necessary to deliver goals outlined in the Paris Agreement. The founding banks have committed to ensuring engagement with clients on their green transition and decarbonisation, promoting real economy transition in addition to withdrawal from lending to unsustainable economic activities.

The global nature of the climate change challenge requires coordination, consistency and initiatives on an international level. Initiatives aimed at delivering net-zero transition must be based on credible targets. The industry-led Net-Zero Banking Alliance is consistent with the Principles for Responsible Banking endorsed by the EBF. The principles are promoted amongst EU banks and based on transparent and rigorous science-based targets. Transparency is key for comparability of ambitions and understanding of the progress made over time.