About

• The Net Zero Banking Alliance (NZBA) is a ‘bank-led, UN-convened’ group of leading banks from around the world committed to aligning their lending, investment and capital market activities with Net Zero greenhouse gas emissions by 2050.
• Launched in 2021, under the United Nations Environment Programme Finance Initiative (UNEP FI), the alliance boasts 136 members across 44 countries (India is not a member).

• The Net Zero plan is meant to cover both the banks’ own emissions and those of the entities they finance.

Why in News? 

• Six of the largest American banks have formally exited the UN-backed Net Zero Banking Alliance.