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The European Banking Federation (EBF) today became the first official
supporter of the Net-Zero Banking Alliance (NZBA), an industry-led,
UN-convened international initiative focused on delivering the banking
sector’s ambition to align its climate commitments with the Paris
Agreement goals.
The NZBA brings together banks worldwide representing over a third of global banking assets, which are committed to aligning their lending and investment portfolios with net-zero emissions by 2050. Combining near-term action with accountability, this ambitious commitment sees signatory banks setting an intermediate target for 2030 or sooner, using robust, science-based guidelines. The Alliance is part of the UN Race to Zero and is the banking element of the Glasgow Financial Alliance for Net-Zero.
“Banks are committed to playing a key role in supporting the global transition to net-zero emissions. By working closely with their clients, they are especially well-placed to advise on their sustainability journeys. The NZBA sets a clear direction as well as science-based guidelines for achieving this joint goal“, said Wim Mijs EBF CEO. “However, we must remember that we can only tackle the climate crisis through collective action across the public and private sector – banks cannot deliver net-zero carbon emissions by themselves.”
The announcement comes in the run-up to the COP 26 summit set to start in Glasgow at the end of this month. During the conference, the EBF will be joining forces with InsuranceEurope and ClimateWise to explore the role of banks and insurers in supporting the sustainability transition, covering the topics of investment, lending and underwriting.