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Home › Campaigns › Banks and Climate ›
Campaign

Tracking the Net Zero Banking Alliance

By: BankTrack
Contact:

Sumeyra Arslan, policy researcher

 sumeyra@banktrack.org

Photo: BankTrack
By: BankTrack
Contact:

Sumeyra Arslan, policy researcher

 sumeyra@banktrack.org

Why this campaign?

Tracking NZBA bank commitments

BankTrack is keeping track of whether individual NZBA member banks deliver on their stated commitments as part of the NZBA. Scroll down to the table below for details per bank.

NZBA

The Net Zero Banking Alliance (NZBA), founded in April 2021, brings together a global group of banks, currently representing about 40% of global banking assets, which have committed to bringing down the emissions from their lending and investment portfolios to ‘net-zero’ by 2050. Banks that sign up to the NZBA commit the following:

  • Transition the operational and attributable GHG emissions from their lending and investment portfolios to align with pathways to net-zero by 2050 or sooner;

  • Within 18 months of joining, set 2030 targets (or sooner) and a 2050 target, with intermediary targets to be set every 5 years from 2030 onwards;

  • Banks’ first 2030 targets will focus on priority sectors where the bank can have the most significant impact, ie. the most GHG-intensive sectors within their portfolios, with further sector targets to be set within 36 months.

  • Annually publish absolute emissions and emissions intensity in line with best practice and within a year of setting targets, disclose progress against a board-level reviewed transition strategy setting out proposed actions and climate-related sectoral policies.

  • Take a robust approach to the role of offsets in transition plans.

Just how signatory banks must meet these commitments is further elaborated in the Guidelines for Climate Target Setting for Banks and the Frequently Asked Questions document.

The NZBA is convened by the UN Environment Programme Finance Initiative and acts as a coordination hub for the climate-focused element of the Principles for Responsible Banking.

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 seven Alliances, each dedicated to a specific part of the financial sector, namely the Net Zero Asset Manager initiative (NZAM), Net Zero Asset Owners Alliance (NZAOA), Net Zero Insurance Alliance (NZIA), Paris Aligned Asset Owners (PAAO), Net Zero Financial Service Providers Alliance (NZFSPA), Net Zero Investment Consultants Initiative (NZICI) and the Net Zero Banking Alliance (NZBA). 

GFANZ, in its own words, seeks to “expand the number of net zero-committed financial institutions and to establish a forum for addressing sector-wide challenges associated with the net-zero transition, helping to ensure high levels of ambition are met with credible action.”

Race to Zero

GFANZ (and therefore all member alliances) is accredited to the UN Race to Zero (RtZ) campaign, a global UN-backed campaign that aims “to take rigorous and immediate action to halve global emissions by 2030 and deliver a healthier, fairer zero carbon world in time”. The Race to Zero campaign mobilises a wide range of initiatives, including from regions, cities, companies, educational institutions, hospitals, financial institutions and other sectors.

In June 2022, The RtZ campaign launched a new set of criteria that all members must adhere to, including GFANZ, and, therefore, NZBA members. These criteria are ‘requirements for all individual members to meet, below which members cannot fall if they wish to join and remain in the campaign’. The so-called Starting Line criteria demand all RtZ members to ‘’pledge .. to reach (net) zero GHGs as soon as possible, and by 2050 at the latest, in line with the scientific consensus on the global effort needed to limit warming to 1.5C with no or limited overshoot, recognising that this requires phasing down and out all unabated fossil fuels as part of a global, just transition” (emphasis added). 

The accompanying interpretation guide clarifies that ‘phasing down and out’ means that ‘each Race to Zero member shall phase out its development, financing, and facilitation of new unabated fossil fuel assets, including coal, in line with appropriate global, science-based scenarios’ (emphasis added).’ The starting line criteria further demand that members set interim targets, publish transition plans and progress reports, and pledge to halt deforestation and protect biodiversity. Further detail on the application of the RtZ starting line criteria is provided in the ‘Interpretation guide’.

The launch of the new RtZ criteria in June 2022 set in motion fierce internal debate within NZBA on how the Alliance links to Race to Zero, with several US banks threatening to leave the initiative. As a result, GFANZ’s second  progress report, published in October 2022, and a subsequent statement of GFANZ, stated that its ‘’member alliances are encouraged, but not required, to partner with the Race to Zero‘’, with all alliances of GFANZ “independent initiatives subject only to their individual governance structures.” However, the progress report also states that these GFANZ alliances continue to be partners to the Race to Zero campaign, committing them to act according to their ‘’fair share’’ of the 50% cut in global CO2 emissions, in addition to the phase-out of fossil fuels.

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, in the next few years. As the NZBA allows an extremely generous time period of 18 months for initial target setting for ‘selected priority sectors’, with another 18 months for the rest of the portfolio, too many banks are ‘busy target setting’ when the climate emergency is requiring immediate, effective action

  • Net zero must mean ending finance for fossil fuels. The key decision for all NZBA banks to make 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. No less than 44 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 while being an NZBA bank. (Even the co-chairs of GFANZ, speaking in their personal capacity,  think this is odd.) 

By tracking the commitments and actions of banks, BankTrack aims to ensure that signing up to the NZBA means that a bank will address 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.

 

 

Policy analysis

Tracking NZBA bank commitments

BankTrack is keeping track of whether individual NZBA member banks deliver on their stated commitments as part of the NZBA. Click on the picture below for more details per bank.

11383
nzba_banks.jpg
center
NZBA banks Monday Board.
Photo: BankTrack

 

Resources
Documents
Links
2023-03-14 00:00:00

TCFD report 2022

Bank policy
2023-03-14 00:00:00 | Credit Suisse
2023-03-14 00:00:00

ING takes next step in aligning oil & gas portfolio with climate goals

Bank policy
2023-03-14 00:00:00 | ING
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
2023-03-02 00:00:00

Taskforce on Climate-Related Financial Disclosures Report 2022

Bank policy
2023-03-02 00:00:00 | Citi
2022-11-25 00:00:00

Approach to Climate Change 2022

Bank policy
2022-11-25 00:00:00 | ANZ
2023-01-31 00:00:00

UniCredit sets Net Zero targets for carbon intensive sectors

Bank policy
2023-01-31 00:00:00 | UniCredit
2023-01-24 00:00:00

BNP Paribas new targets

Bank policy
2023-01-24 00:00:00 | BNP Paribas
2023-01-20 00:00:00

Position statement on fossil fuels

Bank policy
2023-01-20 00:00:00 | Danske Bank
2023-01-20 00:00:00

Danske Bank’s climate action plan

Bank policy
2023-01-20 00:00:00 | Danske Bank
2022-11-22 00:00:00

Climate targets for Swedbank Group

Bank policy
2022-11-22 00:00:00 | Swedbank
2022-12-22 00:00:00

Decarbonisation targets

Bank policy
2022-12-22 00:00:00 | Banco Sabadell
2022-12-29 00:00:00

Strengthening initiatives for achieving net zero by 2050

Bank policy
2022-12-29 00:00:00 | Mizuho Financial Group
2022-12-05 00:00:00

Net zero and climate risk report

Bank policy
2022-12-05 00:00:00 | Macquarie
2022-12-22 00:00:00

2022 Climate Report

Bank policy
2022-12-22 00:00:00 | JPMorgan Chase
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
2022-12-06 00:00:00

Crédit Agricole S.A. details its intermediary targets and action plans to reach carbon neutrality by 2050 on 5 sectors

Bank policy
2022-12-06 00:00:00 | Crédit Agricole
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

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
2022-02-22 00:00:00

HSBC sets Net Zero aligned targets to redcue financed emissions from oil and gas, power and utilities sectors

Bank policy
2022-02-22 00:00:00 | HSBC
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
2022-10-17 00:00:00

Task Force on Climate-related Financial Disclosures Report 2021

Bank document
2022-10-17 00:00:00 | Goldman Sachs
2022-10-05 00:00:00

BBVA commits to reduce emissions from its oil and gas client portfolio by 30% by 2030

Bank policy
2022-10-05 00:00:00 | BBVA
2022-09-16 00:00:00

Our path to net zero

Bank policy
2022-09-16 00:00:00 | DBS
2022-09-15 00:00:00

2022 Climate report

Annual report
2022-09-15 00:00:00 | ING
2021-11-10 00:00:00

U.S. Bancorp sets goal to achieve net zero greenhouse gas emissions by 2050

Bank document
2021-11-10 00:00:00 | U.S. Bancorp
2022-03-11 00:00:00

UBS publishes net zero approach – from commitment to action

Bank document
2022-03-11 00:00:00 | UBS
2022-01-27 00:00:00

Truist announces net zero goals by 2050

Bank document
2022-01-27 00:00:00 | Truist Financial Corporation
2021-11-30 00:00:00

2021 Climate Related Disclosure Report

Annual report
2021-11-30 00:00:00 | NatWest Group
2022-07-29 00:00:00

Net-Zero 2030 Targets

Bank policy
2022-07-29 00:00:00 | Westpac
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
2021-10-29 00:00:00

DBS commits to net zero by 2050 and becomes first Singapore bank to join the UN-linked Net-Zero Banking Alliance

Bank document
2021-10-29 00:00:00 | DBS
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
2021-12-16 00:00:00

Goldman Sachs Publishes Decarbonization Targets in 2021 TCFD Report

Bank document
2021-12-16 00:00:00 | Goldman Sachs
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

Coal Policy Tracker policy analysis NZBA banks

Glasgow Financial Alliance for Net Zero (GFANZ)

Letter to GFANZ chairs from Ukraine

Net Zero Banking Alliance

Net Zero Tracker

Overview of compliance with net zero commitments (banks included)

Oil Gas Policy Tracker policy analysis NZBA banks

Race to Zero Campaign

News
BankTrack
Partners
Blog
External
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

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
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
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

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 quoted
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 | Sumeyra Arslan – BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Leadership does not equal GFANZ

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

Mark Carney-led grouping drops U.N. climate initiative requirement

2022-10-28 | Euronews
Blog
BankTrack news BankTrack blog Partner news Partner blog

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
BankTrack news BankTrack blog Partner news Partner blog

French bank SocGen to further reduce exposure to oil and gas production

2022-10-24 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Concerns raised as banks map own path to Net Zero

2022-10-24 | ESG Investor
BankTrack news BankTrack blog Partner news Partner blog

Carney says new data will hold banks accountable for climate progress

2022-10-24 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

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
BankTrack news BankTrack blog Partner news Partner blog

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
BankTrack news BankTrack blog Partner news Partner blog

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
BankTrack news BankTrack blog Partner news Partner blog

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

2022-10-17 | UNEP FI
BankTrack news BankTrack blog Partner news Partner blog

Banks Try Quiet Quitting on Net Zero

Last year’s enthusiasm for GFANZ turns into anxiety.
2022-10-14 | Bloomberg
Blog
BankTrack news BankTrack blog Partner news Partner blog

Opacity and accountability: the hidden financial pipelines supporting new coal

2022-10-13 | San Francisco, CA | Global Energy Monitor
Blog
BankTrack news BankTrack blog Partner news Partner blog

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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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

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BankTrack news BankTrack blog Partner news Partner blog

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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GFANZ leaders give “personal view” against coal financing: they should make it official

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

2022-08-22 | London, UK; and Boston, USA | Financial Times
BankTrack news BankTrack blog Partner news Partner blog

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 quoted
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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GFANZ must tighten the screw on fossil fuel expansion

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

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2022-04-29 | Zürich, Switzerland | ShareAction
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BankTrack news BankTrack blog Partner news Partner blog

Dear Dr Carney, demanding an end to fossil fuel expansion is NOT “clickbait”

2022-04-27 | Paris, France | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

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
Blog
BankTrack news BankTrack blog Partner news Partner blog

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
Blog
BankTrack news BankTrack blog Partner news Partner blog

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
Blog
BankTrack news BankTrack blog Partner news Partner blog

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
Blog
BankTrack news BankTrack blog Partner news Partner blog

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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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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