The top global climate alliance for banks will ask members, including HSBC and Barclays, to vote on ditching the pledge to align their $54tn in assets with a Paris agreement aim to limit global warming to 1.5C.
The Net-Zero Banking Alliance’s effort to keep its remaining members follows an exodus of many leading US banks since the election of Donald Trump as president.
Many financial institutions that set net zero targets have backtracked, arguing they cannot decarbonise their lending and dealbooks any faster than the wider economy. The original ethos of the group, launched by then UN envoy Mark Carney, was to enable lower emission through financing activities.
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