UN-backed bank group seeks to avoid departures with new climate guidelines

A United Nations-backed alliance of banks is proposing its members disclose more information on their commitments to tackle climate change without requiring them to coordinate action, in a compromise it hopes will prevent departures, according to people familiar with the matter.
The Net-Zero Banking Alliance (NZBA), whose 143 members oversee $74 trillion in capital, is trying to remain intact as attacks by some U.S. politicians and investors against environmental, social and corporate governance (ESG) policies test the resolve of banks to stay as members.
Three years after its launch, NZBA has proposed its first major update to guidelines on setting targets for cutting greenhouse gas emissions linked to members’ activities, on the way to bringing them down to zero on a net basis by 2050.