6.Net-Zero Banking Alliance (NZBA): COP29 held in Azerbaijan, failed to secure a fair deal on climate finance for developing nations, within three months, six major American banks exited the Net Zero Banking Alliance (NZBA).
o Climate accelerator for UNEP Financial Initiative’s Principles for Responsible Banking (PRB).
o India Position: There is no Indian bank is a member of this alliance.
o Selected by member banks, supported by the UNEP FI Secretariat.
o United Nations holds a seat on the Steering Group.
o Operates under NZBA governance documents (adopted in Oct 2021, updated in Aug 2023 & Mar 2024).
o Set targets within 18 months of joining for 2030 or sooner, with 2050 target and intermediary targets every 5 years.
o First 2030 targets focus on GHG-intensive sectors, with further targets within 36 months.
o Annually publish absolute emissions & emissions intensity in line with best practices within a year of setting targets.