(Friday 3rd October) Reacting to the banks vote to drop a membership structure and move toward a guidance-based model for the Net-Zero Banking Alliance (NZBA), Jeanne Martin, co-Director of Corporate Engagement at ShareAction said:
“It’s bitterly disappointing to see the biggest banks in the world vote to step away from accountability around their commitments to prevent the worst effects of global heating.
“The climate crisis is driving up food prices, multiplying health risks with extreme heat, especially for the most vulnerable in society, and causing destruction to homes and lives through floods and wildfires.
“Despite some governments and corporates dialling down on their efforts to tackle the climate crisis, public support for climate action remains high and many investors are all too conscious of the massive risks to the economy of a worsening climate.
“Senior bankers need to be far more courageous in this decisive moment for all our futures and must use their influence to push up standards for accountability on climate if we are to stand any chance of making the clean energy transition happen.”
/ENDS
Notes to editors
The Banking Standards team at ShareAction partners with asset managers, asset owners, NGOs, retail investors and representatives of affected communities to demand Europe’s largest banks phase out financing to polluting activities and increase the flow of capital into low-carbon alternatives.
