<\/p>\n
Several large Asian banks have joined their European peers in offering support to the industry\u2019s biggest climate alliance, after a wave of exits by Wall Street and Canadian lenders.<\/p>\n
Singapore and Malaysia-based banks, including DBS Group Holdings, Oversea-Chinese Banking Corp, Malayan Banking and CIMB Group Holdings, say they remain committed to the Net-Zero Banking Alliance (NZBA).<\/p>\n
CIMB is \u201can active member\u201d and will \u201cwork with NZBA in this changing landscape,\u201d chief sustainability officer Luanne Sieh said. Maybank said in a statement that it continues to \u201cshare the aspirations and purpose of NZBA.\u201d Both are members of the alliance\u2019s steering group.<\/p>\n
The comments follow an exodus by US banks that\u2019s coincided with the arrival of Donald Trump in the White House. Canadian lenders were quick to follow, and last week Australia\u2019s Macquarie Group announced it was also leaving the coalition. Banks in Europe, meanwhile, have so far said they remain committed to NZBA, setting the stage for a global divide in climate-finance strategies.<\/p>\n
The alliance told remaining members last month that it\u2019s exploring a \u201cnext phase\u201d as it seeks to address questions around how it will operate with less of a global footprint. NZBA said last month it\u2019s planning to \u201cinvestigate how it can continue to deliver value and better support member banks to individually and independently implement their climate strategies and manage the climate-related risks, opportunities and objectives they face.\u201d<\/p>\n
NZBA has 135 members from more than 40 countries, according to its website. That includes Australia\u2019s Westpac Banking, which is part of NZBA\u2019s steering group, and ANZ Group Holdings Both banks are still committed to NZBA, according to people familiar with the matter.<\/p>\n
Japanese lenders Mitsubishi UFJ Financial Group \u2013 another steering group member \u2013 Nomura Holdings and Sumitomo Mitsui Financial Group also confirmed their membership, while declining to comment on future plans. A Mizuho Financial Group spokesperson said the bank is having internal discussions around the topic, but it\u2019s still a member.<\/p>\n
A similar coalition for investment firms, the Net Zero Asset Managers Initiative, said in January that it was suspending activities and launching a review after BlackRock departed. Several investors, including Nikko AM, have said they remain committed to their membership.<\/p>\n
\u201cWe have one planet and there is no plan B because there is no planet B,\u201d said Scott Reinhart, founder at Hong-Kong based private equity firm Brawn Capital, which signed up to the initiative.<\/p>\n
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