Credit Agricole SA Chief Executive Officer Philippe Brassac vowed to remain a member of the banking industry’s largest climate-finance alliance, even after Wall Street’s biggest lenders walked away.
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Bloomberg News
Claudia Cohen
Published Feb 05, 2025 • 1 minute read
(Bloomberg) — Credit Agricole SA Chief Executive Officer Philippe Brassac vowed to remain a member of the banking industry’s largest climate-finance alliance, even after Wall Street’s biggest lenders walked away.
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“We are not calling into question our membership” of the Net-Zero Banking Alliance, Brassac said at a press conference. “There’s no turning back.”
The “climate emergency has never been so strong, and it’s not the time to send this kind of negative signal,” he said.
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The comments follow an exodus from NZBA, as US and Canadian banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Royal Bank of Canada all quit the group. In Europe, banks have so far been reserved in their response. UBS Group AG CEO Sergio Ermotti indicated last month he’s assessing whether to follow his US peers in abandoning the climate group.
Banks in North America are adapting to a new political reality as US President Donald Trump rolls back Biden-era climate policies and instead promotes a revival of fossil-fuel production. Trump’s arrival in the White House has also emboldened the Republican Party to step up attacks on climate finance in GOP states.
NZBA’s website currently shows the group as having about 135 member banks from over 40 countries. Signatory banks commit to transition their financed emissions to align with “pathways to net zero by 2050” at the latest. They’re also required to provide 2030 targets to show they’re on track, and to document their progress.
“The alliance has enabled this movement to get off the ground politically, but that’s not what has created the banks’ commitment to these environmental issues,” Credit Agricole’s Brassac said at the press conference.
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