💸 Climate Avengers… Disassembled

 When saving the planet became too much paperwork for Wall Street.

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🌱 Editor’s Note

The Net Zero Banking Alliance (NZBA), once hailed as the financial world’s boldest climate club, is officially hitting pause. After big-name banks rushed in with promises to save the planet, they’re now rushing out just as fast — leaving behind a half-empty Zoom call and a whole lot of questions.

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🚪 The Great Bank Exit

It all began with Goldman Sachs, who quietly slipped out the back door. Then came Wells Fargo, JPMorgan, Bank of America, and a squad of Canadian banks.

Their excuse?

“Saving the planet sounds nice… but not if it gets us sued.”

With U.S. Republicans branding these groups as “climate cartels”, the alliance began to crumble.

By mid-2025, even heavyweights like HSBC, UBS, and Barclays had bailed. Barclays summed it up best:

“There’s literally no one left to hang out with.”

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🔄 Rebranding for Survival

Faced with near extinction, NZBA is now proposing a makeover:

• From a strict Alliance (commitments, rules, accountability)

• To a chill Framework Initiative (guidelines, flexibility, vibes).

Translation: “Don’t call us a club. Call us… a lifestyle.”

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🌍 Climate Finance in Crisis

And NZBA isn’t alone. Other climate finance groups are also falling apart:

• The Net-Zero Insurance Alliance already shut down.

• The Net-Zero Asset Managers hit the pause button earlier this year.

It feels like the entire net-zero movement has gone on an extended coffee break.

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🥶 The Bottom Line

Climate finance alliances are vanishing faster than free snacks in a corporate office.

If the world is counting on banks to stop global warming, we might want to start investing in air conditioners instead.

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🔥 Climate Avengers may have disassembled, but the planet’s still heating up.

Anna Turnfi