01 Nov 2021
Investec Joins UN-Convened Net-Zero Banking Alliance
In line with its commitment to support the fight against climate change, Investec has joined the Net-Zero Banking Alliance (NZBA), an industry-led, UN-convened alliance of banks worldwide. The NZBA is also the banking element of the Glasgow Financial Alliance for Net Zero, chaired by Mark Carney, UN Special Envoy on Climate Action and Finance ahead of COP 26.
Representing over 42% of global banking assets, with over 89 members from 37 countries and USD $66 trillion in total assets, the Alliance is a critical step in the mobilisation of the financial sector for climate. It recognises the vital role of banks in supporting the global transition of the real economy to net-zero emissions, encompassing both operational and attributable emissions, including Scope 3 emissions. Members are committed to aligning their lending and investment portfolios with net-zero emissions by 2050 or sooner, in line with the most ambitious targets set by the Paris Climate Agreement.
Alliance members also commit to:
- Set scenario-based interim targets for 2030 or sooner for priority sectors
- Prioritise areas of most significant impact, i.e. the most greenhouse gas-intensive and emitting sectors
- Annually publish emissions and emissions intensity
- Take into account the best available scientific knowledge
- Set first target(s) within 18 months of signing and report annually thereafter
- Disclose progress against a board-level reviewed transition strategy
Commenting, Investec Global Head of Sustainability Tanya dos Santos said:
“The NZBA is a vital alliance for the banking industry. Banks must act as vigorous enablers, supporting clients in their efforts to transition as rapidly as possible to net zero while ensuring that our own houses are in order. At Investec, our ethos is very clear – are committed to ensuring a cleaner, resource rich and inclusive world. We take our commitments seriously and look forward to working with peers closely and supporting the NZBA, at Glasgow and beyond.”