Ecology Is First Building Society To Sign Up To The Net Zero Banking Alliance
We’re the first building society to sign up to the Net Zero Banking Alliance (NZBA) which is being launched today and joins the UN Race to Zero and forms the banking element of the Glasgow Financial Alliance for Net-Zero.
The Net-Zero Banking Alliance (NZBA) is hosted by the United Nations Environment Programme Finance Initiative (UNEP FI). The NZBA brings together an initial cohort of 43 of the world’s leading banking providers, including Ecology, with a focus on delivering the sector’s ambition to align its climate commitments with the Paris Agreement goals with collaboration, rigour, and transparency.
Participation in the Alliance builds on our commitments to the UN Principles for Responsible Banking and the UNEP FI Collective Commitment to Climate Action.
The industry-led UN-convened initiative brings together banking providers worldwide to commit to set an intermediate target of 2030 or sooner using robust science-based guidelines. It recognises the vital role of banks supporting the global transition of the real economy to net-zero emissions.
As a founder signatory to the NZBA we commit to setting our first set of targets within 18 months. We’ll be using the detailed Guidelines which have been developed through our participation in the Collective Commitment.
Paul Ellis, Ecology’s Chief Executive explains why we’ve signed up,
“Given the scale of the climate and ecological crisis the banking sector needs to work together in the urgent fight against catastrophic climate change, unlocking the financial solutions to deliver net-zero.
“Ecology has been pioneering environmental finance for 40 years so signing up to the Net Zero Banking Alliance wasn’t a difficult decision for us.
“Our members expect us to agitate for positive change and we hope that these concerted efforts will rapidly deliver both the ambition and actions to accelerate the shift to a low-carbon economy and build a sustainable future.”
Published: 21 April 2021
Author: Jennifer Whiteside