Share Action

ShareAction responds to Net Zero Banking Alliance progress reporting

The Net Zero Banking Alliance has launched its first report on its progress since its launch in April 2021

(Wednesday 9th November) Commenting on the Net Zero Banking Alliance’s first report on its progress since its launch in April 2021, published today, Jeanne Martin, head of ShareAction’s banking programme, said:

“It’s encouraging that over half the NZBA membership now have interim decarbonisation targets in place – these are important milestones on the journey to net zero by 2050. However, the targets are not robust or ambitious enough to limit warming to 1.5°C.

“Our new research into the largest NZBA members found crucial gaps and flaws in target setting. Most fail to capture the full range of greenhouse gas and financing activities, exclude heavy-emitting sectors such as chemicals, or use emissions-intensity targets which can mask the fact that absolute emissions continue to rise.

“We urge the alliance to strengthen its guidelines to ensure its members are driving the transition to a net zero future that people around the world are depending on. A priority should be ensuring that members’ targets cover all financing activities and set absolute emissions targets for oil and gas.”

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