Mark Carney-Launched UN Net-Zero Banking Alliance Votes to Dissolve Amid Political Pressure

The Net-Zero Banking Alliance (NZBA), a global climate initiative launched by Prime Minister Mark Carney in 2021 to align banks with net-zero emissions targets by 2050, has voted to dissolve and end operations immediately. The alliance, which at its peak included over 140 banks worldwide such as Canada's Big Six, faced a significant exodus of members, particularly major U.S. banks, due to political pressure following President Donald Trump's election. Canadian banks also exited the group but pledged to continue climate efforts independently. The decision to disband followed a vote to transition from a membership-based structure to using the alliance's climate guidance as a reference framework instead. The NZBA had been a key part of the broader Glasgow Financial Alliance for Net Zero and aimed to foster faster climate action in the finance sector. Despite the alliance's closure, the frameworks it created remain influential as banks continue to address climate risks amid rising physical threats from extreme weather events.