After six US major banks exited the Net-Zero Banking Alliance (NZBA), the three German members have confirmed their commitment to continue their climate protection efforts.
Deutsche Bank, Commerzbank, and Pro Credit Holding stated in response to a Capital magazine inquiry that there is currently no reason for them to leave the NZBA. The NZBA is one of the world’s leading climate coalitions in the banking sector, with 141 banks from 44 countries, according to its own claims.
“The current circumstances do not give us a reason to end our membership in the NZBA” said Commerzbank in response to the Capital inquiry. “The core of our sustainability strategy is our commitment to becoming a net-zero bank.” Commerzbank has set the goal of reducing the greenhouse gas emissions of its credit and investment portfolio to net zero by at least 2050. Deutsche Bank referred to a statement by its sustainability chief, Jörg Eigendorf, on LinkedIn, in which he wrote in December: “We, as Deutsche Bank, remain committed to the NZBA and will continue to implement our net-zero commitment.”
Pro Credit Holding, a Frankfurt-based banking group, also wants to remain a member. “There is currently no reason for us to change that” said the chairman of the board, Hubert Spechtenhauser. Like Commerzbank, the institute aims to be climate-neutral by 2050. “Human-induced climate change requires action from many actors at all levels with scientifically founded climate commitments” said Spechtenhauser.
Recently, JP Morgan was the last of the six major US banks to leave the alliance. Previously, Goldman Sachs, Wells Fargo, Citi, Bank of America, and Morgan Stanley had exited. BlackRock, the world’s largest asset manager, will also leave the alliance.