UN-backed bank group seeks to avoid departures with new climate guidelines 

Business & FinanceEnvironment

Reuters exclusively reported that a United Nations-backed alliance of banks is proposing its members disclose more information on their commitments to tackle climate change without requiring them to coordinate action, in a compromise it hopes will prevent departures. 

Market Impact

The Net-Zero Banking Alliance (NZBA), whose 143 members oversee $74 trillion in capital, is trying to remain intact as attacks by some U.S. politicians and investors against environmental, social and corporate governance (ESG) policies test the resolve of banks to stay as members.