In a recent letter, Net Zero Banking Alliance (NZBA) chair Tracey McDermott said it “is important for members to understand that Race to Zero does not have the ability to impose requirements either on the NZBA as a whole or on individual members”, after the United Nations-backed Race to Zero campaign put forward more stringent decarbonisation targets in June.

Commenting in Bloomberg, Ben Caldecott said: “NZBA is saying it is part of the Glasgow Financial Alliance for Net Zero (GFANZ) and that doesn’t have anything to do with Race to Zero. But to be part of GFANZ you need be part of Race to Zero. Will GFANZ ditch this requirement and if it does, what are the new criteria to be part of GFANZ? And who marks that homework?”

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