Inside the world’s largest climate coalition for banks, there’s speculation that an exodus led by Wall Street could be about to spread to the European Union.
The Net-Zero Banking Alliance, an organization dedicated to decarbonizing global finance, may be facing defections by some large EU banks with sizeable US exposures, according to a person close to the matter who asked not to be identified discussing private deliberations. The risk of being accused in the US of having an anti-oil bias appears a key concern among the banks, the person said.
EU exits from NZBA would mark a painful milestone for the group. In the US, where President Donald Trump’s reelection has brought with it intensified political attacks on net zero policies, banks have had to navigate a landscape in which NZBA commitments have come with the risk of lawsui…