The industry-led, UN-convened Net-Zero Banking Alliance brings together banks worldwide representing over 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 an intermediate target for 2030 or sooner, using robust, science-based guidelines. These specify a temperature outcome of no more than 1.5°C by 2100, based on no/low overshoot scenarios and taking into account best available scientific knowledge.

The Alliance will reinforce, accelerate and support the implementation of decarbonisation strategies, providing an internationally coherent framework and guidelines in which to operate, supported by peer-learning from pioneering banks. It recognises 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 Programme Finance Initiative, is the banking element of the Glasgow Financial Alliance for Net Zero and is accredited by the Race to Zero. It was co-launched on 21st April 2021 with 43 founding banks and the Prince of Wales’ Sustainable Markets Initiative Financial Services Taskforce.