(Monday 6th January) Commenting on the recent departure of several US banks from the Net Zero Banking Alliance (NZBA), Jeanne Martin, Head of Banking Programme at ShareAction, said: "While it is concerning that some US banks are sending a signal to the market that climate change has become less of a priority for them, the NZBA Secretariat should see their departure from the alliance as an opportunity to work with remaining members to set more ambitious standards for the industry, in a coalition of the willing.

"US banks tend to lag behind their European peers when it comes to climate, and have often been able to influence the level of ambition of climate voluntary initiatives such as the PCAF Capital Markets Working Group and the NZBA Steering Group.

"Their departure from the NZBA could help create the space needed for regulators to set more ambitious policies and embolden investors to ask their US bank holdings to follow suit.

"The NZBA played an important role in getting banks from across the globe to commit to net-zero by 2050 and set decarbonisation targets to support their long-term ambition. However, its current guidelines contain major gaps and allow members too much flexibility in how and when to set targets. If the NZBA is to be effective going forward it needs to introduce more ambitious guidelines and ensure that members adhere to them."

Notes to editors

US banks who have recently left NZBA include Goldman Sachs, Wells Fargo, Citibank and Bank of America in December, and Morgan Stanley in January.