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EMISSIONS: Bankers’ Climate Alliance Eyes Ditching Global Warming Target

EMISSIONS
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The Net-Zero Banking Alliance (NZBA) plans to vote on whether to abandon the commitment of limiting global warming to 1.5C on 11 March, according to Bloomberg.

  • Roughly 130 signatories of the alliance will be handing in a proposal for a revised strategy, an anonymous member of the group told Bloomberg.
  • A key element of the new proposal will be the removal of a requirement for signatories to align their portfolios with a goal of limiting global warming to 1.5C. Instead, members would be offered greater flexibility to adapt their targets to the markets in which they operate.
  • ”Consideration will be given to regional differences in decarbonization rates and the widening gap between 1.5C pathways and the real economy in many sectors and markets,” Shargiil Bashir, NZBA Chair, said.
  • NZBA members will then have roughly four weeks to accept or reject the plan, the person said. 
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The Net-Zero Banking Alliance (NZBA) plans to vote on whether to abandon the commitment of limiting global warming to 1.5C on 11 March, according to Bloomberg.

  • Roughly 130 signatories of the alliance will be handing in a proposal for a revised strategy, an anonymous member of the group told Bloomberg.
  • A key element of the new proposal will be the removal of a requirement for signatories to align their portfolios with a goal of limiting global warming to 1.5C. Instead, members would be offered greater flexibility to adapt their targets to the markets in which they operate.
  • ”Consideration will be given to regional differences in decarbonization rates and the widening gap between 1.5C pathways and the real economy in many sectors and markets,” Shargiil Bashir, NZBA Chair, said.
  • NZBA members will then have roughly four weeks to accept or reject the plan, the person said.