ESG

The ESG Phenomenon: VP Bank, Net-Zero Banking Alliance

Editorial Staff, 8 October 2021

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Developments and commentary in and around the ESG investment space.

Liechtenstein-based VP Bank, which operates in several regions, has joined the Net-Zero Banking Alliance, a global alliance of banks convened by the United Nations to help tackle human-caused global warming. 

The Alliance, which collectively represents almost a quarter of global banking assets, has more than 50 members from 29 countries and $39 trillion in total assets.

The group of banks are committing to a number of actions, including setting scenario-based interim targets for 2030 or sooner for priority sectors; annually publishing emissions and emissions intensity; setting first target(s) within 18 months of signing and reporting annually thereafter; and disclosing progress against a board-level reviewed transition strategy.

The NZBA is convened by the United Nations Environment Programme Finance Initiative and is 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 COP26.

“Joining the Alliance reflects our ambition to play an active role in creating a positive impact for society and the environment. We recognise the urgent need for action on climate change, and this is prominently reflected in our strategy 2026 in our 'Investing for Change' initiative,” Paul H Arni, chief executive of VP Bank Group, said.

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