The Net Zero Banking Alliance (NZBA) has dropped its requirement for members to align their lending portfolios with the 1.5°C global warming target. Instead, members can now follow a broader range of pathways to achieve net-zero emissions, as long as they remain consistent with overarching climate goals.
This adjustment is part of a series of changes approved by the NZBA’s 120+ member banks, following a year-long strategic review. The update comes amid political backlash in the U.S., which has prompted several American banks to withdraw from the alliance.
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