Regulators, industry groups may need to fill gap left by closure of climate banking alliance, say observers

[SINGAPORE] With the closure of a global climate banking alliance, regulators or industry bodies in Singapore and the region may need to step up to fill the gap, sustainable finance observers told The Business Times.

This could include ensuring that financial institutions meet credible standards when setting net-zero pathways, as well as providing technical support and capacity building for transition planning – functions that the Net-Zero Banking Alliance (NZBA) used to fulfil.

Without the alliance to provide scrutiny, banks themselves must be transparent about their progress, added observers.