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NZBA to lower climate target and focus on Chinese and Indian banks

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NZBA to lower climate target and focus on Chinese and Indian banks

Damage caused by recent flooding in South America. The IPCC warns crossing the 1.5C threshold risks unleashing far more severe climate impacts, such as more frequent and severe droughts, heatwaves and rainfall © Juan Sebastian Lobos/Reuters
Damage caused by recent flooding in South America. The IPCC warns crossing the 1.5C threshold risks unleashing far more severe climate impacts, such as more frequent and severe droughts, heatwaves and rainfall © Juan Sebastian Lobos/Reuters

A member of the net zero alliance’s steering group confirms change to less ambitious ‘well below 2C’ target

At a glance

  • The Net Zero Banking Alliance plans to relax its climate target, moving from the stricter 1.5C limit to the Paris Agreement’s “well below 2C” target to make the initiative more inclusive

  • Several major banks have left the NZBA in recent months, citing concerns over the feasibility of aligning their lending portfolios with the 1.5C target

  • Some members, such as Triodos Bank, have expressed concerns about the alliance’s shift in direction, fearing it could weaken the commitment to climate goals

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