Wall Street Clashes With Green Bankers Fed Up With Oil Agenda (2)

Inside the world’s biggest climate-finance alliance, a number of green banks are reviewing their membership in objection to perceived concessions to Wall Street.

The Net-Zero Banking Alliance, which is a sub-unit of the Glasgow Financial Alliance for Net Zero, faces a potentially embarrassing mutiny from some of the world’s most climate-conscious lenders after it decided against imposing binding restrictions on fossil-fuel financing. One lender, Germany’s GLS Bank, has already walked out in protest. Now, others say they may follow.

Compromises made by NZBA to keep Wall Street firms on board are “disappointing and discouraging,” said Jeroen Rijpkema, chief executive officer of ...