After years of pursuing ideologically driven climate leadership, Western powers are now stepping back under mounting political pressure and rising populist opposition—prompting concern essential climate action could be sidelined
The UN-backed Net-Zero Banking Alliance (NZBA)—once the flagship coalition of global lconcludeers committed to decarbonising finance—formally ceased operations following a vote by its members on 3 October. The decision marks the conclude of a major chapter in climate finance that launched in 2021 with lofty ambition but ultimately succumbed to political headwinds and dwindling industest participation.
Established under the UN Environment Programme Finance Initiative, the alliance at its peak brought toreceiveher nearly 150 banks representing more than 40% of global banking assets. Members had pledged to align their lconcludeing and investment portfolios with a net-zero pathway by 2050. Yet withdrawals accelerated
Leave a Reply