Overview

• The UN‑linked banking coalition suspended activities as remaining signatories consider replacing its membership structure with a non‑membership framework initiative, with a public result expected by the end of September.
• Wall Street banks including JPMorgan Chase, Citigroup, Bank of America, Morgan Stanley, Wells Fargo, and Goldman Sachs exited after the 2024 election, followed by Canada’s biggest lenders and, more recently, HSBC and Barclays.
• The steering group says a guidance‑oriented framework is the most suitable way to keep supporting banks with tools and industry engagement aligned to the Paris Agreement.
• NZBA co‑founder Mark Carney helped launch the alliance in 2021 while serving as the UN’s climate finance envoy, and an NZBA spokesperson said details of the proposed framework are still being developed.
• Critics warn a conversion to a loose guidance model would sap the coalition’s influence and heighten greenwashing risk, while several departing banks say they will pursue climate work independently.