A coalition of banks last week committed themselves to achieving net zero greenhouse gas emissions by 2050 and adopting interim targets much sooner. But a glaring absence of banks from major polluting countries in the Asia Pacific and criticism of its conservative ambitions has undermined confidence in the alliance.
The Net Zero Banking Alliance (NZBA) was launched on April 21 by the United Nations Environment Program’s Finance Initiative and comprises 43 banks from 23 countries.
Hailed by former Bank of England governor and UN climate envoy Mark Carney as “the breakthrough in mainstreaming climate finance the world needs”, the initiative joins a flurry of investor-led forums ahead of the UN Climate Change Conference (COP26) in Scotland in November. A Net Zero Insurance Alliance is also in the offing.
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National Australia Bank’s (NAB) ratio of troubled loans climbed to its highest level in seven years in January, largely due to mortgage borrowers falling behind on repayments after exiting Covid-19 moratoria.
Impaired assets – made up of defaulted exposures and loans in arrears by 90 days or more – equalled 1.18% of gross loans and advances in January, up 17 basis points on end-December and well above the prior end-June peak of 1.06%. It was the highest ratio for NAB’s continuing operations
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