By Dominic Chopping 

STOCKHOLM--Skandinaviska Enskilda Banken AB said Wednesday that together with 42 other banks from around the world it is forming the Net-Zero Banking Alliance, or NZBA, to accelerate the transition of the global economy to net-zero emissions by 2050 at the latest.

The Sweden-based bank said the initiative, which brings together banks with combined assets of $28.5 trillion, means that SEB commits to align operational and attributable emissions from its lending and investment portfolios with pathways to net-zero by 2050 or sooner.

The Net-Zero Banking Alliance is part of the Glasgow Financial Alliance for Net Zero, or GFANZ, which is also launching Wednesday. It is a global alliance that brings together existing and new net-zero finance initiatives into one sector-wide strategic forum.

GFANZ includes more than 160 companies together responsible for assets in excess of $70 trillion.

All member alliances within GFANZ--which apart from banks also includes insurers, asset managers and asset owners--commit to using science-based guidelines to reach net-zero emissions, cover all emission scopes, include 2030 interim target setting and commit to transparent reporting and accounting.


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(END) Dow Jones Newswires

April 21, 2021 02:42 ET (06:42 GMT)

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