Canadian Prime Minister Mark Carney speaks during the Canada 2020 Net-Zero Leadership Summit in Ottawa on April 19, 2023. The Canadian Press/Sean Kilpatrick
A net-zero club for banks is the latest global climate alliance to halt operations after mass departures of its members, but analysts say the departures could be more about avoiding legal action than a fundamental change of heart.
On Aug. 27, having experienced a loss of members—including all six of America’s largest banks—the Net Zero Banking Alliance (NZBA) recommended to the banks that remained that the organization transition from a “membership-based alliance” to a “framework initiative.”
