The bank is leaving the Net-Zero Banking Alliance, the world’s leading climate alliance of banks, saying it disagrees with the alliance’s new, less strict course.
Dutch bank Triodos is leaving the Net-Zero Banking Alliance (NZBA), the world’s most important climate alliance of banks. The bank disagrees with the new, less strict course of the alliance. Rabobank, ABN Amro and ING will remain members.
The Net-Zero Banking Alliance (NZBA) was founded in 2021 by a large group of banks that promised to make their portfolios climate-neutral by 2050. The coalition has come under pressure following the re-election of Donald Trump. Trump’s Republicans have openly targeted ‘climate cartels’ like the NZBA. Several major US banks, including Citigroup and Goldman Sachs, have left the alliance out of fear for repercussions.
In a reaction, the NZBA announced it would be adjusting its policy. The alliance will focus more on encouraging green activities and less on cutting down on polluting activities. Also, banks are no longer required to set a target of limiting global warming to 1.5 degrees Celsius to qualify for membership.
Majority in favour of change of course
On Tuesday, the NZBA announced that a majority of its members had agreed to change course. For Triodos, this was the deciding factor to leave the club. “The softening of ambitions is a step in the wrong direction. We can no longer justify remaining a member,” Triodos director Jacco Minnaar told FD by phone. “We tried to change the coalition from within, but unfortunately we did not succeed.”
Rabobank, ABN Amro and ING told FD they will remain involved with the alliance. “’The NZBA is and will remain a valuable platform for questions and sharing experiences with other banks, for example on how to properly set and report climate targets,” a spokesman for Rabobank spokesperson said in a written explanation.
This article originally appeared in Dutch business newspaper Het Financieele Dagblad on 15 April, 2025.
