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Home › Campaigns › Banks and Climate ›
Campaign

Tracking the Net Zero Banking Alliance

By: BankTrack
Contact:

Quentin Aubineau, Banks and climate policy analyst

Photo: BankTrack
By: BankTrack
Contact:

Quentin Aubineau, Banks and climate policy analyst

Why this campaign?

Tracking NZBA bank commitments

BankTrack monitors whether individual NZBA member banks deliver on their stated commitments as part of the NZBA. Go to the 'policy analysis' section for more details per bank.

NZBA

The Net Zero Banking Alliance (NZBA), founded in April 2021 is convened by the UN Environment Programme Finance Initiative and is the climate-focused initiative of the also UN-convened Principles for Responsible Banking. It brings together 135 banks from 44 countries, which have committed to bringing down the emissions from their lending and investment portfolios to ‘net-zero’ by 2050, in line with a 1.5ºC climate scenario. Banks that sign up to the NZBA commit the following:

  • Transition all operational and attributable GHG emissions from their lending and investment portfolios to align with pathways to net-zero by 2050 or sooner, consistent with a maximum temperature rise of 1.5ºC;

  • Use decarbonisation scenarios which: are from credible and well-recognised sources; are no/low overshoot; rely conservatively on negative emissions technologies.

  • Prioritise efforts where they have, or can have, the most significant impact, i.e. the most GHG-intensive and GHG-emitting sectors within their portfolios.

  • Use the bank-led UNEP FI Guidelines for Climate Target Setting for Banks to set scenario-based intermediate targets for 2030, or sooner, for priority GHG-intensive and GHG-emitting sectors.

  • Publish annually and share with UNEP FI for review, to monitor consistency with the UN Race to Zero criteria and evidence that action is being taken in line with:

    • Progress against absolute emissions and/or emissions intensity targets following relevant international and national GHG emissions reporting protocols and/or climate portfolio alignment methodologies.

    • Progress against a board-level reviewed transition strategy setting out proposed actions and climate-related sectoral policies;

    • Disclosure for key sectors will be made within one year of setting the target.

  • Contribute to the ongoing development of the NZBA Guidelines.

How signatory banks must meet these commitments is further elaborated in NZBA’s Version 2 of the “Guidelines for Climate Target Setting for Banks” and the supporting notes document, which are reviewed at least every three years.

After the publication of the latest version of the Guidelines in March 2024, disagreements within the NZBA came out when three progressive NZBA member banks - Amalgamated Bank, Ecology Building Society and Triodos Bank - warned that “the language used provides too much latitude for banks” and called “to raise the bar in developing policies and disclosures for the highest emitting sectors and ensure a faire and fast transition to a liveable planet”.

In December 2024 and January 2025, the six major US banks withdrew from the NZBA and were followed by five Canadian banks.

GFANZ

The NZBA is part of a bigger alliance called the Glasgow Financial Alliance on Net Zero (GFANZ). Launched in April 2021 by UN Special Envoy on Climate Action and Finance Mark Carney, GFANZ consists of eight-specific alliances, namely the Net Zero Asset Manager initiative (NZAM), Net Zero Asset Owners Alliance (NZAOA), Paris Aligned Asset Owners (PAAO), Net Zero Financial Service Providers Alliance (NZFSPA), Net Zero Investment Consultants Initiative (NZICI), Net-Zero Export Credit Agencies Alliance (NZECA), the Venture Climate Alliance (VCA) and the Net Zero Banking Alliance (NZBA).

GFANZ initially seeked to “increase the number of firms with net-zero commitments within the financial sector and ensure that such institutions have a vehicle through which to set their own, independent, credible net-zero commitments” and “encourage firms to set commitments that are backed by robust targets and transition plans”. However, GFANZ announced in January 2025 that it will restructure and shit its focus to "addressing barriers to mobilizing capital" and now acts as a "stand-alone" private-sector group, no longer as an umbrella for the eight-specific alliances. 

Why is this important to track?            

Since its launch, the Net Zero Banking Alliance has emerged as the central initiative claiming to align the banking sector with the 1.5°C Paris climate goals. For most banks, ‘aligning with Paris’ means bringing down financed emissions to ‘net-zero’ by 2050. But there are serious issues with this approach:

  • Net zero is not zero. The ‘net’ refers to an approach in which continued emissions from some ‘hard to abate’ sectors will need to be compensated through all sorts of offset schemes that are highly problematic for a range of reasons;

  • 2050 is too far away. While it will take time to transition entire business sectors to a low/no carbon trajectory, the bulk of action to bring down emissions must be taken right now. Since the launch of the NZBA, too many banks have been busy ‘target setting’ when the climate emergency is requiring immediate and decisive action;

  • Net zero must mean ending finance for fossil fuels. The key decision that all NZBA banks should have already made by now is to stop financing, directly and indirectly, the fossil fuel industry, or at a minimum all coal and the further expansion of oil and gas. However, no less than 42 of the 60 banks that BankTrack and partners have identified as ‘Fossil banks’ are NZBA members, illustrating that for banks, it is perfectly compatible to keep financing fossil fuels expansion while being an NZBA bank.

By tracking the commitments and actions of banks, BankTrack aims to ensure that signing up to the NZBA means that a bank will phase out its fossil fuel financing, starting with an immediate end to all finance for fossil fuel expansion, and will speed up target-setting for all other high emissions sectors. Besides, it is crucial to demand that decarbonisation targets are actually supported by concrete sectoral measures such as coal, oil and gas exclusion policies.

Policy analysis

Tracking NZBA bank commitments

BankTrack monitors whether individual NZBA member banks deliver on their stated commitments as part of the NZBA. Considering that several banks left the NZBA between December 2024 and January 2025 but indicated that they would continue their climate efforts, BankTrack keeps monitoring ex-NZBA member banks in a dedicated section of its tracker. Click on the picture below for more details per bank. Sector specific boards are also available for Coal, Oil & Gas, Power Generation and Iron & Steel.

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NZBA banks Monday Board.
Photo: BankTrack

 

Resources
Documents
Links
2025-03-28 00:00:00

Annual Report 2024

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2024 sustainability and climate reporting

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2024 Sustainability report

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2025-04-10 00:00:00

2024 Climate Report

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2025-04-15 00:00:00

Guidance for Climate Target Setting for Banks

Version 3
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2025-02-24 00:00:00

Annual Report 2024

Annual report
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2024 Sustainability Report

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Climate Progress Report 2024

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Annual Report 2024

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Annual Report BBVA Group 2024

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2025-03-03 00:00:00 | BBVA
2025-03-03 00:00:00

2024 Consolidated Management Report

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Annual Report 2024

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2025-03-11 00:00:00

Integrated Annual Report 2024

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2024-12-11 00:00:00

Citi 2023 ESG Report

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2024-12-11 00:00:00 | Citi
2024-12-10 00:00:00

Climate Report

2023 - June 2024
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2024-12-10 00:00:00 | CaixaBank
2024-09-30 00:00:00

Sustainability at Bank of America

2024
Other bank document
2024-09-30 00:00:00 | Bank of America
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Climate Report 2024

Other bank document
2024-11-12 00:00:00 | JPMorgan Chase
2024-11-03 00:00:00

Climate Report 2024

Other bank document
2024-11-03 00:00:00 | Westpac
2024-11-06 00:00:00

Climate Report 2024

Other bank document
2024-11-06 00:00:00 | NAB
2024-10-23 00:00:00

Morgan Stanley's 2030 interim Financed Emissions Targets

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2024-10-23 00:00:00 | Morgan Stanley
2023-12-04 00:00:00

2023 Progress Update

Other document
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NZBA 2024 Progress Report

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Climate report 2023

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2024-07-31 00:00:00 | Itaú-Unibanco
2024-07-31 00:00:00

Sustainability Report 2024

Annual report
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Climate Report 2024

Other bank document
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2024-07-05 00:00:00

Climate & Nature Report 2024

Other bank document
2024-07-05 00:00:00 | Norinchukin Bank
2024-08-29 00:00:00

Sustainability report 2024

Other bank document
2024-08-29 00:00:00 | SMBC
2024-07-22 00:00:00

NZBA Progress report 2024

Other bank document
2024-07-22 00:00:00 | Société Générale
2024-06-19 00:00:00

Climate & Nature-related report 2024

Other bank document
2024-06-19 00:00:00 | Mizuho Financial Group
2024-08-05 00:00:00

Sustainability Report 2023

Other bank document
2024-08-05 00:00:00 | KB Financial Group
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TCFD Report 2023

Other bank document
2024-08-13 00:00:00 | Hana Financial Group
2024-08-02 00:00:00

Net Zero Banking Alliance

Publication of 2030 targets
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2024-08-13 00:00:00

2024 Climate Report

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2024-08-13 00:00:00 | Commonwealth Bank
2024-08-04 00:00:00

ESG Integrated report

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2024-08-04 00:00:00 | CIB
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Sustainability Report 2023

Other bank document
2024-03-20 00:00:00 | UOB
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Climate targets for Swedbank Group

Other bank document
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Climate Report 2024

Other bank document
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Management Report 2023

Annual report
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ESG Report 2023

Other bank document
2024-06-03 00:00:00 | Itaú-Unibanco
2024-06-07 00:00:00

Climate Report

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2024-04-12 00:00:00

Sustainability Progress 2024

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2024-04-12 00:00:00 | Mizuho Financial Group
2024-06-20 00:00:00

Climate Report 2024

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Sustainability Report 2023

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2024-05-02 00:00:00 | Goldman Sachs
2024-05-15 00:00:00

Climate Report 2023

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Emerging Practice: Climate Target Setting for Steel Sector Financing

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Emerging Practice: Climate Target Setting for Oil & Gas Financing

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2024-05-09 00:00:00

Guidelines for Climate Target Setting for Banks

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Supplementary Climate Disclosures

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2024-06-06 00:00:00 | NAB
2024-04-30 00:00:00

Climate Finance Report 2023

Other bank document
2024-04-30 00:00:00 | Banco Santander
2024-03-11 00:00:00

Annual and Sustainability Report 2023

Annual report
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TCFD Report 2023/2024

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Annual and Sustainability Report 2023

Annual report
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Climate Report 2023

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2024-04-04 00:00:00 | National Bank of Canada
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2023 Integrated Annual Report

Annual report
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2024-03-29 00:00:00

Annual Report 2023

Annual report
2024-03-29 00:00:00 | Erste Group Bank
2024-04-15 00:00:00

ESG Framework 2024

Bank policy
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2024-03-12 00:00:00

Integrated Annual Report 2023

Annual report
2024-03-12 00:00:00 | ABN Amro
2024-04-16 00:00:00

ESG Report 2023

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2024-03-13 00:00:00

Non-Financial Report 2023

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The Climate Report of Groupe BPCE

TCFD 2023
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2024-04-16 00:00:00 | BPCE
2024-04-03 00:00:00

Annual Report 2023

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2024-04-03 00:00:00 | BNP Paribas
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2023 Climate Report

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2024-03-05 00:00:00 | Scotiabank
2024-04-16 00:00:00

2023 Climate Report

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2024-04-16 00:00:00 | Intesa SanPaolo
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TD's climate Action Plan

2023 Progress Update
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2024-03-26 00:00:00 | TD Bank
2024-04-04 00:00:00

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Other bank document
2024-04-04 00:00:00 | Rabobank
2024-03-28 00:00:00

Sustainability Report 2023

Annual report
2024-03-28 00:00:00 | UBS
2024-04-09 00:00:00

2023 Citi Climate Report

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2024-04-09 00:00:00 | Citi
2024-03-13 00:00:00

Guidelines for Climate Target Setting for Banks April 2024

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Other document
2024-03-13 00:00:00 | NZBA
2023-12-07 00:00:00

TCFD Report 2023

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2023-12-07 00:00:00 | MUFG
2024-03-11 00:00:00

Annual Financial Report 2023

Annual report
2024-03-11 00:00:00 | Société Générale
2024-03-01 00:00:00

2023 Consolidated Management Report

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2024-03-08 00:00:00

2023 Climate Report

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2024-03-08 00:00:00 | CIBC
2024-03-07 00:00:00

2023 Climate Report

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Annual Report 2023

Annual report
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2023 Climate Report

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TCFD Report 2023

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2024-03-04 00:00:00

Sustainability Report 2023

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2023-12-21 00:00:00

Goldman Sachs 2023 TCFD Report

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2023-12-21 00:00:00 | Goldman Sachs
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2024-02-26 00:00:00 | Danske Bank
2024-02-22 00:00:00

Annual report 2023

Annual report
2024-02-22 00:00:00 | HSBC
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Climate Change progress report 2023

Other bank document
2024-02-22 00:00:00 | Svenska Handelsbanken
2024-02-02 00:00:00

Climate Action Plan Progress Report 2023

Other bank document
2024-02-02 00:00:00 | Danske Bank
2023-07-28 00:00:00

2022 ESG Report

Other bank document
2023-07-28 00:00:00 | Morgan Stanley
2023-12-20 00:00:00

TCFD Report 2021/2022

Annual report
2023-12-20 00:00:00 | CIB
2023-12-21 00:00:00

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2023-12-21 00:00:00 | Banco Sabadell
2023-12-20 00:00:00

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2023-12-20 00:00:00 | ING
2023-12-14 00:00:00

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2023-12-14 00:00:00 | Nordea
2023-12-15 00:00:00

Groupe BPCE broadens its carbon emission reduction ambitions

Publication of new sector targets for Automotive, Cement and Steel
Other bank document
2023-12-15 00:00:00 | BPCE
2023-12-14 00:00:00

Crédit Agricole accelerates its climate commitments

Bank policy
2023-12-14 00:00:00 | Crédit Agricole
2023-12-11 00:00:00

Net Zero and Climate Risk Report

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2023-12-11 00:00:00 | Macquarie
2023-11-06 00:00:00

2023 Climate Report

Other bank document
2023-11-06 00:00:00 | Westpac
2023-04-10 00:00:00

MUFG Progress Report 2023

Annual report
2023-04-10 00:00:00 | MUFG
2023-11-27 00:00:00

NZBA Progress Report 2023

Other bank document
2023-11-27 00:00:00 | Société Générale
2023-11-10 00:00:00

Climate Report 2023

Other bank document
2023-11-10 00:00:00 | JP Morgan Chase
2023-11-09 00:00:00

Climate Report 2023

Other bank document
2023-11-09 00:00:00 | NAB
2023-11-12 00:00:00

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Other bank document
2023-11-12 00:00:00 | ANZ
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2022 Sustainability Report

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2023-08-17 00:00:00 | KB Financial Group
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2023-10-31 00:00:00 | CaixaBank
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TCFD Report

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2023-08-02 00:00:00 | Wells Fargo
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Integrated Report 2022

Annual report
2023-06-12 00:00:00 | UniCredit
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TD´s Climate Action Plan 2022

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2023-03-22 00:00:00 | TD Bank
2023-02-21 00:00:00

Annual and Sustainability Report 2022

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2022-12-07 00:00:00

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2022-12-07 00:00:00 | Swedbank
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Climate Change Progress Report

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2023-09-28 00:00:00

TCFD Report 2023

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Annual Report 2022

Annual report
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2022-10-26 00:00:00 | SEB
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Annual and Sustainability Report 2022

Annual report
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Climate Report 2022

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2023-06-30 00:00:00 | NatWest Group
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TCFD Report 2022

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TCFD Report 2023

Other bank document
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MUFG TCFD Report 2022

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2023-03-29 00:00:00

2022 TCFD Report

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TCFD 2022

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Climate Report 2023

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ING Climate Report 2023

Other bank document
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Climate action strategy development guidance for banks & lending institutions
Other document
2021-10-26 00:00:00 | Climate Safe Lending Network
2022-06-01 00:00:00

Guidance on the use of sectoral pathways for financial institutions

This report is intended to be used as a guide to support financial institutions’ use of sectoral pathways, in line with institutional and/or client goals, for the: creation of net-zero transition plans, alignment of their portfolios, and engagement with real-economy firms.
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2022-06-01 00:00:00 | GFANZ
2022-11-01 00:00:00

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This Executive Summary document presents the key concepts, recommendations, and guidance for net-zero transition planning in financial institutions.
Other document
2022-11-01 00:00:00 | GFANZ
2022-11-01 00:00:00

Financial institution net-zero transition plans: fundamentals, recommendations, and guidance

This Fundamentals, Recommendations, and Guidance document presents voluntary, pan-sector, globally applicable recommendations of the elements of a net-zero transition plan with accompanying guidance, examples, and case studies. Also contained herein are details on the core concepts that GFANZ believes underlie the elements of a net-zero transition plan.
Other document
2022-11-01 00:00:00 | GFANZ
2021-04-01 00:00:00

Guidelines for climate target setting for banks

The Commitment Statement that banks need to sign when joining the NZBA is underpinned by the bank-led UNEP FI Guidelines for Climate Target Setting for Banks.
Other document
2021-04-01 00:00:00 | UNEP FI
2023-03-10 00:00:00

NZBA Commitment statement

The Commitment Statement is a pre-requisite for joining the Net-Zero Banking Alliance, and is signed by a bank’s CEO
Other document
2023-03-10 00:00:00 | UNEP FI & NZBA
2023-06-05 00:00:00

Net Zero Banking Assessment Framework

The Net Zero Banking Assessment Framework has been developed by the Transition Pathway Initiative Global Climate Transition Centre (TPI Centre), in collaboration with the Institutional Investor Group on Climate Change (IIGCC) and Ceres, to assess the preparedness of banks for the low-carbon transition.
Other document
2023-06-05 00:00:00 | Transition Pathway Initiative in consultation with IIGCC and CERES
2023-06-05 00:00:00

Net Zero Standard for Banks

This Standard sets out investor expectations for banks on the transition to net zero.
Other document
2023-06-05 00:00:00 | Institutional Investors Group on Climate Change in consultation with the Transition Pathway Initiative
2023-05-23 00:00:00

Why banks should account for their full share of facilitated emissions

Banks are making progress on setting net-zero targets but most focus on lending and only a handful include capital markets facilitation – funding activities where banks do not provide capital themselves but play a critical role in facilitating access to it. Capital markets are a vital source of funding and will be key in delivering the low-carbon transition. In 2021 alone, global bond and equity issuances stood at US$26.8 trillion. This memo outlines why the industry-organised Partnership for Carbon Accounting Financials should include a 100% weighting for capital market facilitation.
NGO document
2023-05-23 00:00:00 | ShareAction
2022-09-01 00:00:00

Letter to GFANZ from Ukraine

NGO document
2022-09-01 00:00:00 | United4Ukraine Network
2023-05-01 00:00:00

Race to Zero Interpretation Guide

This document provides additional guidance regarding how the Expert Peer Review Group interprets the Race to Zero criteria, and how Partners and their members can expect to implement these criteria.
Other document
2023-05-01 00:00:00 | Race to Zero Expert Peer Review Group
2023-04-13 00:00:00

Press release: European banks among biggest drivers of fossil fuel expansion

2023 Banking on Climate Chaos - Europe press release
NGO document
2023-04-13 00:00:00 | BankTrack, Les Amis de la Terre France, Reclaim Finance, ReCommon, Urgewald
2023-04-13 00:00:00

Banking on Climate Chaos 2023

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
BankTrack publication
2023-04-13 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, Urgewald
2023-03-05 00:00:00

CSR report 2022

Other bank document
2023-03-05 00:00:00 | UBS
2023-03-08 00:00:00

Letter to the NZBA about LNG export terminals in Texas

NGO document
2023-03-08 00:00:00 | Friends of the Earth France, Rainforest Action Network, Reclaim Finance, Sierra Club
2022-11-08 00:00:00

Integrity matters: net zero commitments by businesses, financial institutions, cities and regions

Report from the United Nations' High Level Expert Group on the Net Zero emissions commitments of non-state entities
Other document
2022-11-08 00:00:00 | High Level Expert Group on the Net Zero emissions commitments of non-state entities
2022-11-09 00:00:00

NZBA Progress report 2022

Other document
2022-11-09 00:00:00 | UNEP FI and NZBA
2022-10-24 00:00:00

The financial sector and the UK's net zero transition: Mark Carney testifies to the Environmental Audit Committee

Other document
2022-10-24 00:00:00 | Parliamentlive
2022-10-17 00:00:00

Responses received to letters sent to signatories of the Glasgow Financial Alliance for Net Zero

Other document
2022-10-17 00:00:00 | London Stock Exchange
2022-05-16 00:00:00

TCFD Report 2021

Other bank document
2022-05-16 00:00:00 | National Bank of Canada
2022-10-17 00:00:00

COP27 and beyond: An open letter from the NZBA Chair to members

Other document
2022-10-17 00:00:00 | Tracey McDermott, Steering Group Chair, Net-Zero Banking Alliance
2022-08-01 00:00:00

Statement on "No New Coal"

Other document
2022-08-01 00:00:00 | GFANZ - Michael R. Bloomberg, Mark Carney, and Mary Schapiro
2022-07-05 00:00:00

Evaluating corporate target setting in the Netherlands

An assessment of the climate action plans of 29 Dutch companies and financial institutions
NGO document
2022-07-05 00:00:00 | Milieudefensie
2022-04-21 00:00:00

Letter to GFANZ for its 1st year anniversary

NGO document
2022-04-21 00:00:00 | ReclaimFinance, BankTrack, ReCommon, urgewald, Climate Action Network International
2022-02-16 00:00:00

Aligning financing with net zero by 2050 commitment

NGO document
2022-02-16 00:00:00 | Market Forces
2021-02-22 00:00:00

Chasing Carbon Unicorns

The Deception Of Carbon Markets and “Net Zero”
NGO document
2021-02-22 00:00:00 | Friends of the Earth International and others

1. UNEPFI: Net Zero Banking Alliance

2. Glasgow Financial Alliance for Net Zero (GFANZ)

3. UNFFFC: Race to Zero Campaign

4. GFANZ: Financial institution net-zero transition plans

These working groups support coalition efforts to translate net-zero commitments into ambitious, actionable, science-based transition plans.

5. BankTrack Net Zero Banking Alliance tracker

BankTrack monitors whether individual NZBA member banks deliver on their stated commitments as part of the NZBA.

6. The Net Zero Tracker

Net Zero Tracker is a collaboration between the Energy & Climate Intelligence Unit (ECIU), the Data-Driven EnviroLab (DDL), NewClimate Institute and Oxford Net Zero.

7. Reclaim Finance: Oil Gas Policy Tracker policy analysis NZBA banks

8. Reclaim Finance: Coal Policy Tool analysis NZBA banks

Successes
BankTrack
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External
Blog
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French bank Société Générale withdraws from Rio Grande LNG

After years of campaigning by activists groups and NGOs on both sides of the Atlantic, Société Générale declared to have withdrawn from the highly controversial Rio Grande LNG shale gas export project planned in South Texas.
2023-03-28 | Carrizo Comecrudo Tribe, Les Amis de la Terre France, Rainforest Action Network, Reclaim Finance, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

New ING policy could spark bank shift away from financing oil and gas infrastructure

Dutch bank excludes financing for oil and gas infrastructure dedicated to new fields, although important gaps remain.
2023-03-14 | BankTrack
News
BankTrack
Partners
Blog
External
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Banks Exiting Net-Zero Alliances — and Not Just US Banks

BankTrack mentioned
2025-04-30 | Energy Intelligence
Blog
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‘Net Zero banks’ turn their back on crucial 1.5ºC climate target

“Overwhelming majority” of Net-Zero Banking Alliance (NZBA) members seeks to loosen obligations on how to reach Paris climate goals.
2025-04-15 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Banks vote to loosen climate coalition membership rules

Over 80% of NZBA members voted while 90% of the votes cast were in favour of the proposals.
2025-04-15 | London | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Triodos Bank leaves NZBA

Triodos Bank has decided to leave the Net Zero Banking Alliance (NZBA) due to the recent vote by a majority of member banks for lowering the climate ambition of the alliance and setting less strict requirements.
2025-04-15 | Triodos Bank
BankTrack news BankTrack blog Partner news Partner blog

Banks have de-prioritised reducing fossil fuel exposure, survey says

Downplaying of sustainability efforts — or greenhushing — may be on the rise
2025-04-10 | The Banker
BankTrack news BankTrack blog Partner news Partner blog

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

Member of net zero alliance’s steering group confirms change to less ambitious ‘well below 2C’ target
2025-04-02 | The Banker
Blog
BankTrack news BankTrack blog Partner news Partner blog

Ditching net zero is a dangerous gamble for Japan’s megabanks

MUFG and SMBC’s UN climate exit signals a troubling retreat from sustainability
2025-03-27 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Japan’s SMFG joins Wall Street in exiting net zero banking group

Sumitomo Mitsui Financial Group Inc (SMFG) will leave the banking industry’s main climate-finance alliance, the first major Japanese lender to join an exodus led by institutions from Wall Street and Canada.
2025-03-04 | The Edge Malaysia
BankTrack news BankTrack blog Partner news Partner blog

Wells Fargo scraps net-zero target as banks recalibrate sustainability strategy

The bank is dropping its goal of achieving net-zero financed emissions across its portfolio by 2050, in addition to 2030 targets it set for sector-specific financed emissions.
2025-03-03 | ESG Dive
BankTrack news BankTrack blog Partner news Partner blog

Big banks abandoned a voluntary climate alliance. Now, critics are calling for new laws.

Environmental groups say state and international policymakers must step up to stop fossil fuel financing.
BankTrack mentioned
2025-03-03 | Grist
Blog
BankTrack news BankTrack blog Partner news Partner blog

Wells Fargo becomes first major US bank to abandon its net-zero commitment

Sierra Club calls move cowardly and shortsighted
2025-02-28 | San Francisco | Sierra Club
Blog
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Bank policy scan: HSBC is backtracking on its climate commitments

HSBC not only has not improved its policies, but it has introduced new elements that jeopardise the already limited ambition of its previous commitments.
2025-02-24 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

The world’s biggest climate finance coalition is in crisis. Is it worth saving?

BankTrack mentioned
2025-02-19 | Climate Home News
BankTrack news BankTrack blog Partner news Partner blog

Australia's Macquarie joins major US banks in exiting global climate coalition

2025-02-11 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

RBC Quits Climate Group as Canadian Banks Follow Wall Street

2025-01-31 | BNN Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Top Canadian banks latest to pull out of Net Zero Banking Alliance

BankTrack mentioned
2025-01-28 | Global Trade Review (GTR)
Blog
BankTrack news BankTrack blog Partner news Partner blog

The NZBA’s moment of truth

With 11 major US and Canadian banks leaving the Net Zero Banking Alliance (NZBA), it’s a pivotal moment for the initiative to finally live up to its promise - or die trying
2025-01-21 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Do NZBA exits mark the end of bank co-ordination on climate?

It is make or break for the industry-led, UN-convened Net-Zero Banking Alliance
BankTrack mentioned
2025-01-10 | The Banker
BankTrack news BankTrack blog Partner news Partner blog

Six big US banks quit net zero alliance before Trump inauguration

Exodus from target-setting group is attempt to head off ‘anti-woke’ attacks from rightwing politicians, say analysts
2025-01-08 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Financiële wereld schroeft groene ambities terug met oog op Trump

BankTrack mentioned
2025-01-07 | Het Financieele Dagblad
BankTrack news BankTrack blog Partner news Partner blog

Goldman Sachs faces backlash after backing out of global coalition — here's what it had to say

Goldman Sachs' departure appears to have kicked off a wave of other banks ditching NZBA membership.
BankTrack mentioned
2025-01-06 | The Cool Down
BankTrack news BankTrack blog Partner news Partner blog

Banks dial back public climate targets as Trump prepares for office

Are banks’ climate shifts a retreat or a response to new political realities?
BankTrack mentioned
2024-12-19 | The Banker
Blog
BankTrack news BankTrack blog Partner news Partner blog

Demand for UN & Climate Banking Alliance to enforce commitments following Goldman Sachs exit

Climate and community groups have written to the United Nations and the NZBA following Goldman Sachs’ exit from the alliance and backsliding by Morgan Stanley.
2024-12-18 | Stand.earth
BankTrack news BankTrack blog Partner news Partner blog

Goldman Sachs quits global climate coalition for banks

Biggest bank to leave the Net-Zero Banking Alliance
2024-12-06 | London | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Morgan Stanley lowers climate target, warns on sluggish transition

2024-10-25 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

Sierra Club finds major US banks are climate laggards, recommends steps to meet net-zero commitments

Largest US banks committed to net-zero emissions by 2050, not yet on track to make it happen
2024-10-09 | Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

New Net-Zero Banking Alliance report shows no progress towards reaching net zero

In its latest so-called “progress” report, the NZBA leaves substantial information regarding net-zero alignment out and only focuses on target-related outputs.
2024-10-08 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks must overhaul climate targets to deliver emissions cuts, new analysis finds

Reclaim Finance is urging banks to rethink their targets, and in particular to jettison the widely used “financed emissions” and “facilitated emissions” targets.
2024-09-19 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

NZBA misses the target on steel: Banks must step up decarbonization efforts

Long awaited guidance will not stop climate chaos
2024-07-08 | Cynthia Rocamora, Reclaim Finance, Julia Hovenier – BankTrack, Paddy McCully, Reclaim Finance
BankTrack news BankTrack blog Partner news Partner blog

What's behind banks' net zero commitments?

In this podcast episode, Karel Nierop discusses what's behind banks' net zero commitments with Sven Renon, Impact Manager at Triodos Bank and Quentin Aubineau, Policy Analyst at Bank Track.
BankTrack mentioned
2024-06-13 | Triodos Investment Management
BankTrack news BankTrack blog Partner news Partner blog

Barclays’ billions of ‘sustainable’ finance for fossil fuel industry is greenwash, says investor

The bank has funded the companies behind a controversial pipeline and aggressive oil expansion as part of their commitment to fighting climate change
2024-05-13 | The Bureau of Investigative Journalism
Blog
BankTrack news BankTrack blog Partner news Partner blog

Three years of NZBA: greenwashing or world changing?

After three inconsequential years, can the Net-Zero Banking Alliance move beyond making headlines towards actual Paris-aligned banking?
2024-04-23 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

The Transatlantic Battle to Stop Methane Gas Exports From South Texas

As legal efforts fall short, residents are pursuing a novel strategy to halt the building of export terminals on unspoiled wetlands: Lobby Europeans to reject gas from the U.S.
2024-04-10 | Capital & Main
BankTrack news BankTrack blog Partner news Partner blog

La NZBA renforce sa méthodologie mais peine à convaincre

BankTrack mentioned
2024-04-09 | Novethic
BankTrack news BankTrack blog Partner news Partner blog

EU NZBA members slash lending to polluting sectors by 20 percent, says ECB

Aside from changing lending practices, research found little evidence of other climate-aligned outcomes.
2024-03-27 | Responsible Investor
BankTrack news BankTrack blog Partner news Partner blog

New Net-Zero Banking Alliance climate guidelines still lack clarity, say non-profits

Capital markets activities added for the first time to new NZBA climate guidelines, but NGOs say the updated guidance lacks ambition and clarity
BankTrack mentioned
2024-03-19 | The Banker
BankTrack news BankTrack blog Partner news Partner blog

Net Zero Banking Alliance

BankTrack mentioned
2024-03-18 | Økonomisk Ugebrev
BankTrack news BankTrack blog Partner news Partner blog

NZBA strengthens climate guidelines amidst criticism

BankTrack, an NGO focused on bank accountability, urges NZBA member banks to align their targets with their net-zero commitments and exclude financing for fossil fuel projects.
BankTrack mentioned
2024-03-15 | Leasing Life
Blog
BankTrack news BankTrack blog Partner news Partner blog

New guidelines for Net-Zero Banking Alliance: too little, too late, too slow

The new guidelines for the Net Zero Banking Alliance leave too much latitude to its member banks not to achieve net-zero greenhouse gas emissions by 2050.
2024-03-14 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Canada's Big Five Banks: Heading to Net Zero?

Assessments of climate governance, financing portfolios, and policy engagement
2024-03-06 | InfluenceMap
BankTrack news BankTrack blog Partner news Partner blog

UN-backed bank group seeks to avoid departures with new climate guidelines

2024-03-05 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

The NZBA’s 2023 Progress Update shows some member banks’ targets are not consistent with their commitments

2023-12-13 | Nijmegen | Quentin Aubineau – BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Exclusive: Four banks quit initiative assessing climate targets

Four major banks, including Standard Chartered Plc (STAN.L) and HSBC Plc (HSBA.L), have quit the Science Based Targets Initiative (SBTi)
2023-11-29 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

How cool is your bank?

Just Share has published a new report: How cool is your bank? An analysis of how South Africa’s big five banks understand and manage climate risk
2023-11-20 | Just Share
Blog
BankTrack news BankTrack blog Partner news Partner blog

Big four banks make strides, but action still dangerously slow in a climate emergency

There are still massive gaps in the policies of the ‘big four’ that could enable them to keep arranging new or renewed finance for fossil fuel expansion over the next two years, and possibly even decades beyond 2025.
2023-11-16 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

GFANZ proposes “fatally flawed” method for measuring transition finance

2023-11-09 | BankTrack, AnsvarligFremtid, Carbon Market Watch, Center for Energy, Ecology, and Development (CEED), Rainforest Action Network, Reclaim Finance, ReCommon, Sierra Club, Urgewald
Blog
BankTrack news BankTrack blog Partner news Partner blog

Decarbonization: steel not making the cut

Analysis by Reclaim Finance shows that few financial institutions have steel targets, and that those that have been adopted are riddled with flaws
2023-08-23 | Reclaim Finance
BankTrack news BankTrack blog Partner news Partner blog

Exclusive: Banks vote to limit accounting of emissions in bond and stock sales

Banks back accounting for 33% of capital market-linked emissions. Environmental advocates push for 100% attribution. PCAF board expected to back the 33% weighting, ending delays.
2023-07-31 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks committed to net zero still funding North Sea oil expansion by Equinor

Over 60 organisations have written to Equinor's biggest bankers warning them not to fund the company's controversial Rosebank oil field due to climate risks.
2023-07-04 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

IIGCC and TPI Centre launch Net Zero Standard for Banks and Net Zero Banking Assessment Framework

New Standard and Banking Assessment Framework will support investor engagement with banks over the transition to net zero. 26 banks to be assessed annually against the TPI Centre’s Banking Assessment Framework, with the first assessments to be published in summer 2023.
2023-06-05 | Institutional Investors Group on Climate Change
Blog
BankTrack news BankTrack blog Partner news Partner blog

European banks have a dirty climate secret – but a new initiative could make them come clean

Banks are keeping most of their fossil fuel financing off the books
2023-06-02 | ShareAction
BankTrack news BankTrack blog Partner news Partner blog

Barclays, Morgan Stanley lead banks nearing CO2 disclosure deal

Banks face new reporting era as capital markets are targeted. NatWest among few banks agreeing to 100% disclosure standard.
2023-05-16 | Bloomberg
Blog
BankTrack news BankTrack blog Partner news Partner blog

Oil and gas expansion: BNP Paribas spares its major clients

Reclaim Finance calls on BNP Paribas to follow through on its commitment and demand that the companies in its portfolios stop developing projects that it no longer intends to finance directly.
2023-05-11 | Paris | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Bank of America, Citigroup, and Wells Fargo shareholders vote on proposals urging progress on climate & Indigenous rights

2023-05-01 | New York | Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Will Transition Plans Bring Transparency to Net-Zero Goals?

Big banks are finally starting to provide details about how they will achieve their sustainability promises. But the risk of greenwashing remains.
2023-04-26 | Bloomberg
Blog
BankTrack news BankTrack blog Partner news Partner blog

Global banks commit to net-zero, but bankroll carbon bomb in Australia 

New research finds that nine banks provided billions of dollars to build key infrastructure for the Barossa gas project. Campaigners say divest now.  
2023-04-19 | Environment Centre NT, Japan Center for Sustainable Environment and Society (JACSES), Jubilee Australia Research Centre, Reclaim Finance, Solutions for Our Climate, Urgewald
BankTrack news BankTrack blog Partner news Partner blog

Betting on a sinking ship: banks behind the Barossa Gas Field’s FPSO

Drilling Approval Invalidation Increases Uncertainty Around Barossa Gas Project with $1.15bn Debt Financing
2023-04-19
BankTrack news BankTrack blog Partner news Partner blog

Wall Street’s biggest banks failing key ESG test in fresh study

JPMorgan, BofA, Citi are listed as falling short in analysis. Study also singles out Goldman, Morgan Stanley and Wells Fargo
2023-04-13 | Bloomberg
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Canadian bank RBC the #1 financier of fossil fuels, world’s biggest banks continued to pour billions into fossil fuel expansion

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
2023-04-13 | San Francisco | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

French banks need better decarbonization targets and fossil fuel policies

2023-04-13 | Paris, France | Reclaim Finance
BankTrack news BankTrack blog Partner news Partner blog

NZBA banks being 'left at the alter' by government inaction on climate

Amalgamated bank CSO calls for action by policymakers as more members of GFANZ group eye the exit
2023-04-11
BankTrack news BankTrack blog Partner news Partner blog

Global banks pledged to cut emissions – but still invest billions in US gas exports

Many banks promised to work toward net-zero emissions – but their targets explicitly exempt liquefied natural gas projects
2023-04-06 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Climate resolutions on tap for bank shareholder season

Activist stakeholders are ramping up pressure on big lenders to curb fossil fuel lending.
2023-04-05 | Climate Wire
Blog
BankTrack news BankTrack blog Partner news Partner blog

Emissions trap: Financial institutions still feeding the gas industry

2023-04-05 | urgewald, Beyond Fossil Fuels, Reclaim Finance, ReCommon
BankTrack news BankTrack blog Partner news Partner blog

Inside the fossil fuel stand-off that’s ensnared global banks

Leaked paper sheds light on debate within Net Zero Banking Alliance
2023-04-05 | Financial Times
Blog
BankTrack news BankTrack blog Partner news Partner blog

Top Swiss financial institutions still fuelling climate chaos

Co-published with Collectif BreakFree Suisse & Greenpeace
2023-03-28 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

French bank Société Générale withdraws from Rio Grande LNG

After years of campaigning by activists groups and NGOs on both sides of the Atlantic, Société Générale declared to have withdrawn from the highly controversial Rio Grande LNG shale gas export project planned in South Texas.
2023 | Carrizo Comecrudo Tribe, Les Amis de la Terre France, Rainforest Action Network, Reclaim Finance, Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Wall Street clashes with green bankers fed up with oil agenda

2023-03-27 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Exclusive: Split delays carbon accounting plan on banks' capital market deals -sources

Deal on capital markets emissions accounting delayed, some reluctant to book 100% emissions linked to deals.
2023-03-24 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Danish fund to protest against Nordea's climate goals at AGM

Danish pension fund AkademikerPension will not vote in favour of Nordea's chair at the bank's annual general meeting on Thursday, in protest at what the fund described as the bank's "deficient" climate plan.
2023-03-22 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

Climate plans of large Dutch banks, insurers and pension funds fall seriously short

2023-03-20 | Fair Finance Guide Netherlands
Blog
BankTrack news BankTrack blog Partner news Partner blog

New ING policy could spark bank shift away from financing oil and gas infrastructure

Dutch bank excludes financing for oil and gas infrastructure dedicated to new fields, although important gaps remain.
2023 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Credit Suisse announces 'Say on Climate' plan - ShareAction response

Credit Suisse commits to new sectoral targets for cutting emissions, but fails to close key loopholes in fossil fuel policy
2023-03-14 | ShareAction
Blog
BankTrack news BankTrack blog Partner news Partner blog

Citi report reveals marginal progress on emissions targets, disclosures

Bank takes modest steps on emissions targets, but fails to establish clear accountability measures
2023-03-02 | Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Deutsche Bank tightens finance policy on coal, but not on oil and gas

2023-03-02 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

These ‘Net-Zero’ Banks Are Still Pretty Big on Big Oil

A BloombergNEF study reveals how energy financiers that pledged to move away from fossil fuels are way behind.
2023-03-01 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Triodos Bank statement on the Net-Zero Banking Alliance

The financial sector needs to greatly reduce greenhouse gas emissions of loans and funds’ investments, using a science-based targets approach, to align their portfolios with the 1.5 degrees Celsius global warming scenario.
2023-02-24 | Triodos Bank
BankTrack news BankTrack blog Partner news Partner blog

Banks' energy policies reflect net-zero ambition gap

Restrictions on upstream oil and gas financing aren't the silver bullet that the sector needs to achieve its climate goals.
2023-02-23 | Euromoney
Blog
BankTrack news BankTrack blog Partner news Partner blog

Barclays scales down oil sands finance following investor pressure

Barclays radically reduces financing for oil sands, but fails to update other key aspects of its oil and gas policy despite investor concerns
2023-02-15 | ShareAction
BankTrack news BankTrack blog Partner news Partner blog

Principles for Responsible Banking to strengthen climate ambition to meet increased expectations

2023-02-09 | UNEP FI
BankTrack news BankTrack blog Partner news Partner blog

Wall Street’s CO2 agenda drives green bank to quit alliance

2023-02-06 | Bloomberg
Blog
BankTrack news BankTrack blog Partner news Partner blog

UniCredit’s initial sectoral targets: a step forward toward decarbonization

First set of targets for priority sectors as part of its NZBA commitments focus on oil and gas and power, but leave out coal and do not cover underwriting activities.
2023-02-01 | Reclaim Finance
BankTrack news BankTrack blog Partner news Partner blog

Mark Carney accusations call green credentials into question

Ex-Bank of England governor’s climate group is ‘dragging its feet’ on green investment
BankTrack mentioned
2023-01-24 | The Telegraph
Blog
BankTrack news BankTrack blog Partner news Partner blog

Just 7% of global banks' energy financing goes to renewables, new data shows

Major global banks are standing in the way of climate targets with new data showing just 7% of their financing for energy companies went to renewables between 2016 and 2022
2023-01-24 | BankTrack, Fair Finance International, Rainforest Action Network, Sierra Club, The Sunrise Project
BankTrack news BankTrack blog Partner news Partner blog

Banks still investing heavily in fossil fuels despite net zero pledges – study

Financial institutions signed up to GFANZ initiative accused of acting as ‘climate arsonists’
2023-01-17 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Citi, BofA lead Wall Street banks funding fossil-fuel expansion

2023-01-17 | Bloomberg
Blog
BankTrack news BankTrack blog Partner news Partner blog

Throwing fuel on the fire: GFANZ members provide billions in finance for fossil fuel expansion

2023-01-17 | Paris, France /Nijmegen, Netherlands | BankTrack, Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Europe’s largest banks falling short on climate and biodiversity action

New ShareAction research uncovers urgent need for UK and European banking sector to close loopholes in climate and biodiversity strategies
2022-12-12 | ShareAction
Blog
BankTrack news BankTrack blog Partner news Partner blog

Climate: Crédit Agricole plan is a step forward but more action needed on gas

Crédit Agricole S.A. details its intermediary targets and action plans to reach carbon neutrality by 2050 on 5 sectors
2022-12-06 | Paris, France | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

COP27 and banks: our wrap-up

Very little movement from banks during two week climate conference
2022-11-29 | Nijmegen, The Netherlands | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Leadership does not equal GFANZ

2022-11-23 | Environmental Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

ING's oil and gas commitments undermined by policy loopholes

After excluding finance for new fields, could Dutch bank ING lead the way on ending finance for all oil and gas expansion?
2022-11-21 | Nijmegen, the Netherlands | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

WEO 2022 – From the fossil fuel age to the clean energy era

2022-11-16 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

NZBA after 18 months: A muddle of low ambition, non-comparable targets

2022-11-15 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

NZBA progress report show banks lacking short-term fossil fuel targets

2022-11-11 | Nijmegen/ Sharm El-Sheikh | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Net Zero Banking Alliance, Net Zero Asset Managers Initiative publish updates at COP27

Banks make limited progress on climate, while commitments from asset managers reveal wide disparit
2022-11-09 | Sharm El Sheikh | Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

High-Level Expert Group on the net-zero emissions commitments of non-state entities

2022-11-08 | UN High Level Expert Group
Blog
BankTrack news BankTrack blog Partner news Partner blog

Reclaim Finance welcomes new United Nations’ criteria on net zero

2022-11-08 | Sharm El-Sheikh / Paris | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Leaders or laggards? Report analyzes net-zero pledges of US banks

Commitments, actions from 6 biggest banks fall far short of what’s needed for global climate goals
2022-11-02 | New York | Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Scope 3 emissions key to financial sector net zero plans, says GFANZ

It comes as NGOs are 'extremely concerned' over change to GFANZ target setting requirements
BankTrack mentioned
2022-11-01 | Responsible Investor
Blog
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NZBA round 1: an assessment of banks' decarbonisation targets

Members of the Net-Zero Banking Alliance have started setting their first round of targets – but are these ambitious enough?
2022-10-31 | ShareAction
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Mark Carney-led grouping drops U.N. climate initiative requirement

2022-10-28 | Euronews
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GFANZ ‘quiet quits’ the UN’s Race to Zero Campaign

Civil society responds on controversial move from GFANZ
2022-10-28 | BankTrack, Reclaim Finance, ShareAction, Sierra Club
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French bank SocGen to further reduce exposure to oil and gas production

2022-10-24 | Reuters
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Concerns raised as banks map own path to Net Zero

2022-10-24 | ESG Investor
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Carney says new data will hold banks accountable for climate progress

2022-10-24 | Reuters
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Mark Carney denies big banks threatened to quit climate finance group

Former BoE governor admits his net zero alliance weakened veto on coal investment because of ‘antitrust concerns’
2022-10-24 | The Guardian
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Deutsche Bank pledges to cut emissions from loans to oil and gas

In the oil and gas sector, the bank plans a 23% reduction in financed emissions by 2030 and a 90% decrease by 2050.
2022-10-21 | Bloomberg
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Bankers told they can ignore binding fossil-finance restrictions

World’s most powerful climate alliance for bankers issues clarification after some members indicated they were ready to walk out
2022-10-17 | Bloomberg
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COP27 and beyond: An open letter from the NZBA Chair to members

2022-10-17 | UNEP FI
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Banks Try Quiet Quitting on Net Zero

Last year’s enthusiasm for GFANZ turns into anxiety.
2022-10-14 | Bloomberg
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Opacity and accountability: the hidden financial pipelines supporting new coal

2022-10-13 | San Francisco, CA | Global Energy Monitor
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Advocacy groups urge global asset managers to align with UN net zero guidelines

Letter calls for Net Zero Asset Managers Initiative to require members to meet latest Race to Zero criteria on net zero, including for financed emissions
2022-10-07 | Washington, DC | BankTrack, Sierra Club
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GFANZ to launch APAC coal 'phase out' guidance

2022-10-04 | Environmental Finance
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Canadian banks having second thoughts about Mark Carney’s green alliance over legal, governance risks

2022-09-29 | The Globe and Mail
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Banks face legal risks if they don't stick to climate goals, ECB says

2022-09-22 | Financial Post
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US banks threaten to leave Mark Carney’s green alliance over legal risks

2022-09-21 | London, UK | Financial Times
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US banks: Financing coal expension, ignoring climate emergency

2022-09-19 | Reclaim Finance
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NGOs step up calls for banks to restrict financing of fossil fuels

2022-09-16 | BusinessGreen
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NGOs call on banks to raise bar for net zero delivery

Global coalition of civil society organisations urges the Net Zero Banking Alliance to ensure net zero strategies meet Race to Zero guidelines
2022-09-15 | Nijmegen, London, Paris | BankTrack, 350.org Japan, AbibiNsroma Foundation, AnsvarligFremtid, Bank on our Future, Climate Safe Lending Network, Environmental Defence, Fair Finance International, Global Witness, Make My Money Matter, Reclaim Finance, ReCommon, ShareAction, Sierra Club, Stand.earth, Talanoa Institute
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NGOs push NZBA to meet Race to Zero guidelines

2022-09-15 | Capital Monitor
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GFANZ launches regional network to support climate finance in Africa

2022-09-07 | Cairo, Egypt | GFANZ
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Canadian banks will get kicked out of UN net zero club unless they up their game: Report

2022-08-31 | Toronto | Greenpeace Canada
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GFANZ leaders give “personal view” against coal financing: they should make it official

2022-08-31 | Paris, France | Reclaim Finance
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Finance groups risk being kicked out of Mark Carney-led climate coalition

2022-08-22 | London, UK; and Boston, USA | Financial Times
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What Race to Zero’s new guidelines mean for Gfanz

Gfanz is in talks with Race to Zero about how to implement its updated requirements, but many questions remain.
BankTrack mentioned
2022-08-17 | CapitalMonitor
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Finance Watch launches landmark net-zero report

Finance Watch calls for tightening of net-zero rules, warning that net-zero risks being discredited as a greenwashing tool unless it is clearly defined
2022-06-30 | Brussels, Belgium | Finance Watch
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Strengthened Race to Zero criteria require GFANZ to support fossil fuels phase-out

2022-06-17 | Paris, France | Reclaim Finance
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UN’s Race to Zero Campaign throws down the gauntlet to GFANZ on climate and fossil fuels

2022-06-15 | Paris, France | Reclaim Finance
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‘Race to Zero’ campaign updates criteria to raise the bar on net zero delivery

2022-06-15 | Climate champions
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GFANZ must tighten the screw on fossil fuel expansion

2022-06-02 | Oakland | Paddy McCully, Reclaim Finance
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Almost a quarter of Credit Suisse’s shareholders call for further climate action in vote against management

Climate resolution receives wave of investor support, though key shareholders continue to neglect Net Zero responsibilities
2022-04-29 | Zürich, Switzerland | ShareAction
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Dear Dr Carney, demanding an end to fossil fuel expansion is NOT “clickbait”

2022-04-27 | Paris, France | Reclaim Finance
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Carney and Bloomberg must show leadership to stop GFANZ dithering

Only five major GFANZ members have any restrictions on financing new oil and gas supply
2022-04-21 | Paris | BankTrack, urgewald, Climate Action Network International, Reclaim Finance, ReCommon
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Bank of America is the latest bank to set 2030 emissions targets with no plan for absolute reductions or phasing out fossil fuel finance

2022-04-13 | Rainforest Action Network, Sierra Club
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Net zero vs zero ambition - the choice at Standard Chartered AGM

No further update on last year's climate policy, as rival banks leave Standard Chartered isolated on climate
2022-03-29 | United Kingdom | Market Forces
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HSBC’s new climate commitments exclude the bulk of its finance to oil & gas companies

HSBC's new 'Oil and Gas' and 'Power and Utilities' emission reduction targets do not cover emissions arising from its capital markets activities and include other loopholes.
2022-02-22 | ShareAction
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‘Net zero’ banks continue to finance oil & gas expansion, ignoring climate scenarios, and posing huge risks to investors

2022-02-14 | ShareAction
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Zeroing In

A guide for the finance sector on the IEA’s Net Zero Emissions scenario and its implications for oil and gas finance
2022-02-09 | Greenpeace, International Institute for Sustainable Development (IISD), Oil Change International
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Citigroup surpasses peers with absolute emissions reduction target for energy finance, still fails to rule out support for fossil fuel expansion

The plan includes a commitment to reduce absolute financed emissions from the energy sector by 29% and financed emissions intensity from the power sector by 63%.
2022-01-19 | New York | Rainforest Action Network, Sierra Club
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Goldman Sachs latest US bank to set 2030 emissions targets

but without ruling out fossil fuel expansion or committing to absolute emissions reductions
2021-12-16 | Rainforest Action Network, Sierra Club
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New Report: US banks and investors responsible for roughly the emissions of Russia

CAP and Sierra Club look at “financed emissions” to offer novel view of Wall Street's carbon footprint
2021-12-14 | Washington | Sierra Club
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Wells Fargo joins Net-Zero Banking Alliance with no plan for phasing out fossil fuel finance

The announcement comes just days after the IEA released its annual World Energy Outlook, once again reaffirming that there can be no more fossil fuel expansion in a net-zero by 2050 scenario.
2021-10-15 | San Francisco | Sierra Club
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JPMorgan Chase, world’s biggest funder of fossil fuels, announces net-zero emissions pledge

2021-10-08 | Rainforest Action Network, Sierra Club
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Dutch pension funds, insurers and banks not yet Paris-proof

The climate plans of the Dutch financial sector are totally insufficient to achieve the goals of the Paris Climate Agreement and they do not reflect the seriousness and urgency of the climate crisis. This is evident from new research by the Fair Finance Guide Netherlands
2021-09-30 | Amsterdam | Fair Finance Guide Netherlands
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New research puts big banks’ sustainability claims in doubt

While 20 of Europe’s 25 largest banks have pledged to reach net-zero emissions by 2050, none have matched these long-term ambitions with comprehensive plans to avert climate change and biodiversity loss
2021-09-06 | London | ShareAction
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MUFG commits to carbon neutrality by 2050 but punts detailed plan on Paris alignment

Shareholders will not withdraw climate resolution
2021-05-17 | Tokyo, Japan | 350.org, Kiko Network, Market Forces, Rainforest Action Network
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JPMorgan Chase 2030 climate targets a “fig leaf for fossil fuel expansion,” says Rainforest Action Network

2021-05-13 | Rainforest Action Network
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New bank climate initiative fails to grasp urgent need to end finance for fossil fuels

Civil society statement on the launch of the Net-Zero Banking Alliance
2021-04-22 | Nijmegen | BankTrack, urgewald, Amazon Watch, Bank on our Future, Indigenous Environmental Network, Market Forces, Positive Money, Rainforest Action Network, Reclaim Finance, ShareAction, Sierra Club
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Barclays' and HSBC's $43 billion fossil fuel problem, despite net-zero pledge

2020-11-11 | Fund Our Future UK
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TD Bank is latest financial institution to pledge net-zero emissions by 2050

Plan also rules out Arctic drilling, but fails to drop tar sands
2020-11-09 | Sierra Club
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HSBC makes empty 'net-zero by 2050' commitment

Bank makes no commitment to end fossil fuel financing
2020-10-09 | BankTrack, Fund Our Future UK
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JPMorgan Chase’s Paris announcement isn’t enough

JPMorgan Chase can’t be Paris aligned if it’s still funding fossil fuels
2020-10-06 | Stop the Money Pipeline
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