On 21 April Lloyds Banking Group became a founding member of the Net Zero Banking Alliance (NZBA), a UN-convened, industry-led alliance of 43 banks across the world which – as part of the larger Glasgow Financial Alliance for Net Zero – aims to accelerate the transition of the finance sector and the global economy to net zero emissions by 2050. The alliance is accredited by the UN Race to Zero campaign.
The alliance, hosted by the United Nations Environment Programme Finance Initiative (UNEP FI) and co-launched by the Financial Services Taskforce (FSTF) of the Prince of Wales’ Sustainable Markets Initiative (SMI), is the newest net zero alliance.
As part of the alliance, Lloyds Banking Group will:
- Align operational and attributable GHG emissions from our lending and investment portfolios with pathways to net zero by 2050 or sooner – as part of our existing commitments to achieve net zero operational emissions by 2030 and net zero financed emissions by 2050 or sooner.
- Set sector-based 2030 targets, in addition to our current 2030 power sector ambition, and our ambition to halve our financed emissions by 2030.
As the UK’s largest financial services group, Lloyds Banking Group believe they can make a real difference to tackling climate change by helping to finance a greener future together. Lloyds Banking Group are proud to be part of an alliance to help bring about this change.
António Horta-Osório, Group Chief Executive said:
“Climate change is the challenge of our generation and generations to come. Finance will play an important role in helping to incentivise a just and smooth transition.
We’re committed to playing our part and proud to be part of the Net Zero Banking Alliance. Lloyds Banking Group will work with its customers, Government and the market to help reduce the emissions it finances by more than 50% by 2030 and be net zero carbon emissions by 2050 or sooner.”