After Wall Street Exodus, Climate Group Explores Axing 1.5C Goal

The largest climate-finance group for banks is exploring a list of fundamental adjustments to how it operates, as it seeks to right itself after a wave of high-profile exits.

The Net-Zero Banking Alliance is considering an overhaul of its membership terms that may include abandoning a requirement for signatories to align their portfolios with a goal of limiting global warming to 1.5C, according to a person familiar with the group’s thinking who asked not to be identified discussing private deliberations.

If enacted, such changes would amount to a clear departure from the founding tenets of the alliance. Deliberations are ongoing ...