(Tuesday 15th April) Reacting to the announcement that the Net Zero Banking Alliance (NZBA) has abandoned its requirement for banks to align their lending portfolios with 1.5C, Jeanne Martin, Co-Director of Corporate Engagement at ShareAction, said:
“We are deeply disappointed that major banks have pushed the NZBA to water down its guidelines on 1.5C and climate targets even as we are seeing historic droughts and catastrophic floods related to climate change impacting lives, livelihoods and entire ecosystems across the globe.
“Every 0.1 of a degree matters and the higher global temperatures get, the harder it will be to deal with these impacts, and the greater the financial risks for banks and their investors. Instead of using their vast resources to weaken standards, banks should be directing them to achieve their climate goals and protect their long-term financial interests.
“Responsible investors must double down on pressure to hold banks accountable to their climate commitments and urge them to play their part in fast tracking the transition rather than delaying progress.”
ENDS
Notes to editors
The Climate Policy Initiative estimates the losses of $1.266 trillion, 13 times current global GDP, by 2100 if continue to stay off track to limit global temperature rises to 1.5C. The Thinking Ahead Institute estimates financial losses up to 55% at 2.7C.
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.
ShareAction is an NGO working to shape a world where the financial system serves our planet and its people. We mobilise global investors to use their influence to drive up labour standards, tackle climate change, protect the natural world, and improve people’s health. We push policymakers to ensure the financial system is working in the best interests of society. We work with people to create a movement for change. Visit shareaction.org or follow us @ShareAction to find out more.
