Another domino fell Friday in the collapse of collusion by financial institutions seeking to impose net-zero ideology on the American marketplace, as the Net-Zero Banking Alliance (NZBA) closed its doors.
“Net-zero,” which envisions achieving zero-sum emissions of so-called “greenhouse” gases, particularly carbon dioxide, is one element of the radical-left’s ESG (Environment, Social, Governance) ideology. Financial institutions belonging to groups such as NZBA agree to discriminate against, or in favor of, companies based on whether or not they adhere to net-zero mandates.
“On paper, the NZBA, which was convened by the UN Environment Programme finance initiative but led by banks, encouraged members to slash the carbon footprint of their investments and help drive the transition to net zero emissions by 2050,” The Guardian noted Friday.
Over the past two years, such collusive efforts have come under scrutiny for being potential anti-trust violations.
The effort to use financial power to coerce compliance with the leftists’ climate ideology has been rapidly faltering, ESG Today explained Friday:
“The NZBA formed part of a broader coalition of climate-focused financial sector alliances, which have largely faced similar political pressure over the past several months. Other coalitions included the Net Zero Asset Managers initiative (NZAM), Net Zero Asset Owner Alliance (NZAOA), and the Net-Zero Insurance Alliance (NZIA), among others.
“After several high-profile departures from each group, the NZIA was discontinued in 2024, while NZAM announced earlier this year that it will suspend its primary activities, as it moves to adapt to a changing political and regulatory environment. The UN-backed Glasgow Financial Alliance for Net Zero (GFANZ), which had acted as an umbrella group for the coalitions, also launched a significant restructuring this year, shifting its focus towards initiatives enabling the mass mobilization of capital to support the low carbon transition.”
While the Net-Zero Banking Alliance has ended operations, it will continue to provide access to information and guidance (“framework”) on how to use financial influence to achieve its climate agenda.
Both the Net-Zero Banking Alliance and the Net Zero Asset Managers were United Nations-aligned net-zero industry organizations.
Without the “influence” of financial institutions, all hope would be lost of imposing the liberal climate agenda on America, ShareAction Co-Director of Corporate Engagement Jeanne Martin told Reuters:
“Martin said senior bankers needed to use their influence to push up standards for accountability on climate if there was to be any chance of making the clean energy transition happen.”
