By Nathan Worcester The war between states and banks over environmental, social, and governance (ESG) investing and similar practices has reached the doorstep of the United Nations–19 state attorneys general have launched investigations of major financial institutions’ commitment to the U.N.-convened “Net-Zero Banking Alliance.” The alliance’s website states that its members control roughly 40 percent of […]
Tag: Net Zero Banking Alliance
The industry-led, UN-convened Net-Zero Banking Alliance brings together a global group of banks, currently representing about 40% of global banking assets, which are committed to aligning their lending and investment portfolios with net-zero emissions by 2050. Combining near-term action with accountability, this ambitious commitment sees signatory banks setting intermediate targets for 2030 or sooner using robust, science-based guidelines.
The Alliance reinforces, accelerates and supports the implementation of decarbonization strategies, providing an internationally coherent framework and guidelines in which to operate, supported by peer-learning from pioneering banks. It recognizes the vital role of banks in supporting the global transition of the real economy to net-zero emissions.
The Alliance is convened by the UN Environment Program Finance Initiative, and is accredited by the Race to Zero. In addition, the Alliance also executes coordinated advocacy and alignment as the banking element of the Glasgow Financial Alliance for Net Zero and the climate-focused element of the Principles for Responsible Banking.
As of October 2022, 19 US States are to Investigate Banks for ESG-Style Commitment to United Nations Alliance.
The United Nations policies do not align with the United States Constitution nor should they be forced and funded by the American taxpayer.