On Finance Day at COP27, the industry-led, UN-convened Net-Zero Banking Alliance published its first Progress Report. This report, which details the intermediate 2030 decarbonisation targets from over 60 member banks, demonstrates the first stage of progress since the Alliance launched in April 2021. The publication also shares the Alliance’s wider vision for creating a predictable and enabling policy environment to accelerate the net-zero transition.

• The first progress report delivered by the NZBA since its launch in April 2021 aggregates the intermediate 2030 targets set by over 60 members of the Alliance and reiterates its requests for support from policymakers in helping deliver an orderly and ‘whole economy’ transition to net zero.
• The targets are meaningful and science-based: the targets prioritise areas of the member’s most carbon intensive business or their most significant financial exposures and must be achieved by 2030.
• The majority (90%) of the 43 banks that were due to publish targets by the end of October have done so and 19 additional members set and delivered their first targets well in advance of their 18-month deadline. Over half of the Alliance has now set intermediate decarbonisation targets.