The world’s leading banking climate coalition is reassessing its membership rules following the departure of major banks and slower-than-expected progress on climate goals, its chair told Reuters.
The Net Zero Banking Alliance (NZBA) is consulting members on potential rule changes, including dropping the requirement to align lending with a 1.5°C warming cap, a source familiar with the talks said.
The move comes as several major U.S., Australian, Canadian, and Japanese banks have exited the coalition, especially following U.S. President Donald Trump’s return to office.
NZBA Chair Shargiil Bashir said the review, flagged to members on Tuesday, reflects developments in science, policy, and regulations. While he did not disclose specific proposals, he acknowledged the evolving challenges banks face in supporting the net-zero transition.
Since its founding four years ago, the alliance has aimed to push the financial sector toward climate-friendly lending practices. However, mounting political and economic pressures have led some banks to scale back their climate commitments.
Last year, Morgan Stanley became the first major bank to lower its emission reduction targets. The exits of six top U.S. banks before Trump's inauguration marked a turning point, raising doubts about the alliance’s long-term influence.
"NZBA is evolving its offer in response to changing external circumstances and member needs," Bashir said.
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Pope Leo visited Istanbul’s Blue Mosque on Saturday, stepping inside one of the most iconic sites of the Muslim world. He removed his shoes at the entrance in a gesture of respect. He did not appear to pray.
Russian drones and missiles struck several districts of Kyiv early on Saturday, killing one person and injuring more than a dozen. Fires swept through residential blocks as debris rained over the city.
At least 47 people have died and another 21 are reported missing following ten days of heavy rainfall, floods, and landslides across Sri Lanka, local media reported on Thursday (27 November).
Hong Kong fire authorities said they expected to wrap up search and rescue operations on Friday after the city's worst fire in nearly 80 years tore through a massive apartment complex, killing at least 128 people, injuring 79 and leaving around 200 still missing.
Netflix crashed on Wednesday for about an hour in the U.S. as it launched season five of "Stranger Things", with the service becoming inaccessible to many subscribers within minutes of the episodes going live at 8 p.m. local time.
U.S. Secretary of Defense Pete Hegseth visited sailors aboard the USS Gerald R. Ford aircraft carrier in the Latin American region on Thursday, amid a military buildup by President Donald Trump’s administration that has heightened tensions with Venezuela.
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Rescuers in Sri Lanka are racing against rising floodwaters and treacherous terrain today after a powerful storm system slammed into the island nation, killing at least 46 people and displacing tens of thousands in a disaster that threatens to strain the country’s resources.
The death toll from devastating floods across Southeast Asia climbed to at least 183 people on Friday (28 November). Authorities in Indonesia, Malaysia, Thailand and Sri Lanka struggle to rescue stranded residents, restore power and communications, and deliver aid to cut-off communities.
At least 47 people have died and another 21 are reported missing following ten days of heavy rainfall, floods, and landslides across Sri Lanka, local media reported on Thursday (27 November).
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