Geneva, January 3rd – Today, the Bank of East Asia becomes the latest bank to join the Net-Zero Banking Alliance (NZBA) and its first Chinese member, taking total membership to 140 banks in 45 countries.
NZBA membership has grown rapidly since the launch of the alliance in April 2021, tripling in number. More than 40 banks joined from a range of developed and emerging markets between the start of 2022 and start of 2024. This reflects, among other factors, the ongoing spread of climate-related policy and regulation across and within jurisdictions, investor demands, and increasing clarity on the business case for achieving net zero emissions by 2050. In 2023, NZBA also welcomed its first members from Pakistan and Greece, as Habib Bank and Alpha Bank chose to publicly commit to science-based target setting.
By joining the Net-Zero Banking Alliance, banks commit to science-based target setting that aligns their lending and investment with the most ambitious temperature goal of the Paris Agreement: to limit global heating to 1.5°C. They also commit to transparently report on progress towards their targets.