Inside the world¡¯s largest climate coalition for banks, there¡¯s speculation that an exodus led by Wall Street could be about to spread to the European Union.
The Net-Zero Banking Alliance (NZBA), an organization dedicated to decarbonizing global finance, may be facing defections by some large EU banks with sizeable U.S. exposures, according to a person close to the matter who asked not to be identified discussing private deliberations. The risk of being accused in the U.S. of having an anti-oil bias appears to be a key concern among the banks, the person said.
EU exits from NZBA would mark a painful milestone for the group. In the U.S., where President Donald Trump¡¯s re-election has brought with it intensified political attacks on net-zero policies, banks have had to navigate a landscape in which NZBA commitments have come with the risk of lawsuits and Republican blacklists. In the EU, meanwhile, net zero has been enshrined in law and the bloc¡¯s banks stand out as some of the world¡¯s most climate conscious.
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