The Spanish Banking Association (AEB) has formally joined the Net Zero Banking Alliance (NZBA) as a supporting partner, thereby strengthening its commitment to tackling climate change and contributing to the transition towards a more environmentally friendly economy.
This network, promoted by the United Nations Environment Programme Finance Initiative (UNEP FI), currently brings together more than 90 banks from 39 countries, including seven Spanish banks, committed to aligning their lending and investment portfolios with net-zero greenhouse gas emissions by 2050.
The banking sector-led alliance was launched in April 2021 and is made up of the world’s leading banks, representing 43% of global banking assets. The network is also supported by non-profit associations that carry out activities relevant to the banking industry and promote the implementation of the NZBA commitment.
AEB is one of the first banking associations to support the initiative. In doing so, it undertakes to expand Spain’s presence in the alliance—already supported by 75% of the country’s banking sector—as well as to promote the dissemination of best practices.
“We are very proud of our banks, and of AEB itself, which took a giant step forward with the agreement reached at the Madrid Climate Summit, and which now, on the occasion of COP26 in Glasgow, are once again positioning themselves at the forefront of sustainable finance by joining the Net Zero Banking Alliance (NZBA),” said AEB’s Chairman, José María Roldán, who stressed “the need for national and international authorities to establish rules and standards to guide companies through this transformation process towards a fairer and more sustainable economy”.
AEB has also been one of the leading associations to join the Principles for Responsible Banking and has promoted several measures to drive them forward, including the creation of the Centre for Responsible and Sustainable Finance in Spain (Finresp). The Association is also committed to the Collaborative Commitment to Climate Action, launched by UNEP FI in 2019.
