As Banks Quit UN Climate Alliance, Critics Say Too Soon to Declare Victory

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.”