Over 40 of the largest banks in the world have joined an alliance to help achieve net-zero emissions.
The Net-Zero Banking Alliance is made of 43 banks from 23 countries.
The UN-convened alliance aims to align lending and investment portfolios with net-zero emissions by 2050.
It also has targets for 2030 on certain sectors.
What does this mean?
The alliance says it will “reinforce, accelerate and support the implementation of decarbonisation strategies”. It’s part of the Glasgow Financial Alliance for Net-Zero (GFANZ), a strategic forum bringing together leasing net-zero initiatives across the financial sector.