The End of the Line for a Flagship Climate Vehicle

The end of the line has arrived for a flagship vehicle of corporate climate action. The Net Zero Banking Alliance (NZBA), once touted as the primary vehicle for driving the financial industry toward sustainability, has crashed and been taken out of service permanently.
The vehicle began to veer off course after a major political roadblock appeared in the United States. The re-election of Donald Trump and the rise of an “anti-woke” movement created hazardous conditions, making the journey forward perilous for the American banks in the driver’s seat.
Faced with this roadblock, the six largest US banks decided to abandon the vehicle altogether. The departure of industry leaders like JPMorgan Chase, Goldman Sachs, and Citigroup was the equivalent of removing the engine, leaving the NZBA stranded on the side of the road.
With the vehicle immobilized, the other passengers saw no reason to stay. International banks from Europe and Japan, including major players like HSBC and Barclays, all disembarked, leaving the flagship vehicle empty and defunct.
Now, the debate is about what kind of vehicle is needed for the road ahead. The failure of the NZBA, a voluntary, industry-driven model, has convinced many that a more robust and powerful vehicle is required. They argue that the journey to net zero can only be completed in a vehicle built, driven, and mandated by government regulators.