Shift in Climate Finance: Česká spořitelna Remains Committed as NZBA Disbands
Recent developments signal a shift in the approach to climate finance,with the Net Zero Banking Alliance (NZBA) ceasing operations. However,Česká spořitelna (Czech Savings Bank) affirms its continued dedication to supporting corporate clients in their ESG (Environmental,Social,and Governance) transformations,viewing the change as a recalibration rather than a retreat.
According to Filip Hrubý, a spokesman for Česká spořitelna, the move reflects a broader trend towards greater rationality in ESG regulation, responding to the current geopolitical and economic challenges facing Europe. He notes that some aspects of green agenda requirements,including non-financial reporting,are currently being re-evaluated by the European Commission,despite its ongoing commitment to climate leadership.
“in any case,nothing basic changes for the savings bank – our goal remains to help corporate clients with ESG change and be a reliable partner,” Hrubý stated.
The European Commission’s overarching goal remains climate neutrality for the EU by 2050, aiming to halt any increase in total greenhouse gas emissions. Banks,through initiatives like NZBA,had pledged to align investments and financing to avoid supporting major polluters.
While some, like Jeanne Martin from Shareaction, express disappointment at the withdrawal of major banks from NZBA commitments, experts suggest the disbandment represents a strategic adjustment. Gill Lofts, a enduring financing expert at EY, explained to ESG Today that the end of NZBA doesn’t signify a complete abandonment of climate finance efforts. “It opens the door to a wider global involvement, especially by banks from developing markets for which NZBA obligations were unfeasible,” Lofts said.
This viewpoint is echoed by local initiatives in the Czech Republic. The “alliance for an Emission-Free Future,” a grouping of companies including CEZ, Wienerberger, and Onsemi, is actively promoting the transition to climate-neutral technologies and knowledge sharing. Komerční banka and Moneta Money Bank are also members.
Moneta Money Bank, which was never a member of NZBA, emphasizes its independent path to decarbonization, citing initiatives like a largely electric company fleet (84% electric vehicles), energy efficiency measures, and sourcing 100% of its electricity from renewable sources as 2021.
Komerční banka similarly highlights its long-standing commitment to sustainability and decarbonization, extending beyond its parent company Société Générale’s involvement in NZBA.
The Alliance for an Emission-free Future intends to continue its work,focusing on practical cooperation,experience sharing,and the development of specific projects to reduce emissions and bolster the competitiveness of Czech industry. They are currently conducting a regional roadshow, with a planned stop at Třinecké železárny.