(Jan 16): A prominent climate group that has been rocked by an exodus of Wall Street banks is exploring its “next phase” to decide how best to help members manage strategies and risks.

The Net-Zero Banking Alliance (NZBA) wrote in a message sent to members on Wednesday that it will “investigate how it can continue to deliver value and better support member banks to individually and independently implement their climate strategies and manage the climate-related risks, opportunities and objectives they face”.

Goldman Sachs Group Inc, JPMorgan Chase & Co and other big US banks have quit the NZBA since the start of last month amid mounting pressure from Republican lawmakers who have attacked the industry’s climate efforts.

“While we regret to see any member leave the alliance, we appreciate the complexity of our US peers’ situation,” the NZBA said in the note to members.

A spokesperson for the NZBA said the alliance “will engage with all members on strategic priorities”, in line with established NZBA governance processes. The group won’t make any public comments while those discussions are ongoing, the spokesperson said. 

The NZBA’s website currently shows the group having more than 140 member banks from over 40 countries. Banks that are signed up commit to transitioning their financed emissions to align with “pathways to net zero by 2050” at the latest, according to the group’s website. They are also required to provide 2030 targets to show they are on track, and to document their progress.

The banking alliance has discussed how it can contribute to advocating for policies that support finance flows for the energy transition. It is also reviewing how it can help members navigate the evolving landscape of sustainability regulations.

Uploaded by Tham Yek Lee