LONDON, Aug 27 (Reuters) – The banking industry’s main group leading the sector’s global effort to cut carbon emissions plans to overhaul its structure, it said on Wednesday, after the high-profile exit of many of its largest members.
The Net-Zero Banking Alliance, set up in 2021 ahead of global climate talks in Glasgow, has proposed changing from being a “membership-based alliance” to a “framework initiative”.
Membership obligations have included making a commitment to reach net-zero emissions by 2050, setting interim emission-reduction targets for carbon-intensive sectors by 2030, and annual progress reports.
Members will vote on the proposed change to the alliance’s status by the end of September.
Many large banks left the group after pressure from some U.S. Republican politicians who said membership could be regarded as a breach of antitrust rules.
