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NZBA confirms watering down of key climate commitments

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NZBA confirms watering down of key climate commitments

The headquarters of HSBC Holdings Plc in the Canary Wharf financial district in London, UK
The NZBA said its member banks, including HSBC, ‘voted overwhelmingly’ in favour of the significant downgrades to the climate commitments to which its members must adhere © Jason Alden/Bloomberg

Banking alliance’s new protocol is based on keeping warming to below 1.5C as a ‘guiding star’

At a glance

  • The global banking alliance focused on reducing the sector’s climate impact has published new guidelines for its members, which significantly downgrade the climate commitments banks need to make

  • The NZBA says the changes have the overwhelming support of its members, and better reflect the current operating environment

  • But not all banks are supportive. Triodos bank has quit the alliance in protest

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