Banks About to Cut Fossil Fuel Lending

Banks are still financing fossil fuels generously, but things may change very soon. Most members of the UN-convened Net-Zero Banking Alliance (NZBA) are expected to disclose 2030-35 targets for the most carbon-intensive sectors in their portfolios later this year, including oil and gas, in line with the alliance's deadlines for doing so. "Given the importance and complexity of decarbonizing the oil and gas sector, and the tremendous amount of work required in doing so, it is reasonable to expect that many banks will set targets for this sector at the earliest possible opportunity," the alliance recently stated.