“ The urgency of climate change calls for an acceleration of the transition process for economies and societies . By joining the alliance , we are actively committed to contributing to this goal of carbon neutrality so that together , public and private players , we can succeed in the challenge of a fair , universal and respectful transition for our planet ”
“ The urgency of climate change calls for an acceleration of the transition process for economies and societies . By joining the alliance , we are actively committed to contributing to this goal of carbon neutrality so that together , public and private players , we can succeed in the challenge of a fair , universal and respectful transition for our planet ”
PHILIPPE BRASSAC , CEO ,
CRÉDIT AGRICOLE S . A
THE TIMELINE
• April 2021 – the Net Zero Banking Alliance is founded
• 6 December 2024 – Goldman Sachs quits NZBA
• 20 December 2024 – Wells Fargo quits NZBA
• 31 December 2024 – CitiGroup quits NZBA
• 31 December 2024 – Bank of America quits NZBA
• 2 January 2025 – Morgan Stanley quits NZBA
• 7 January 2025 – JPMorgan Chase quits NZBA
Since its inception , the NZBA has grown significantly , now representing nearly half of global banking assets and , despite the departure of the large US banks , it still has 141 members from 44 countries . The exit does leave the European banks in a position of more power , accounting for the largest share in the NZBA ’ s US $ 61tn in assets .
“ A commitment to financing the transition to net zero is essential . It ’ s important that the banking sector is committed to providing the financial support needed to help customers on that transition ,” said Noel Quinn , former CEO of HSBC when the bank joined NZBA in 2021 .
“ But we have to establish a robust and transparent framework for monitoring progress against that objective and we want to set that standard for the banking industry .
“ Industry-wide collaboration is essential in achieving that goal .”
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