A global banking alliance founded by Prime Minister Mark Carney in 2021 to prioritize lending and investment to meet net-zero emissions targets has voted to end its operations.
The U.N.-backed Net-Zero Banking Alliance (NZBA) says members voted to end the membership-based structure and instead use the climate guidance the group created as a reference. The alliance is disbanding immediately, after having already suspended its work at the end of August.
The alliance was launched by Carney in his role as U.N. Special Envoy for Climate Action and Finance in the lead-up to the U.N. climate conference in 2021. It initially brought together around 140 large banks from around the world, with net assets valued at over $70 trillion….