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Dear readers,
Welcome to the Climate Weekly newsletter by the Centre for Science and Environment’s Climate Change programme and Down to Earth.
Over the past two months, six of the largest American banks—and major fossil fuel funders—have exited the UN-backed Net Zero Banking Alliance (NZBA). This includes Bank of America, Citigroup, Morgan Stanley, Wells Fargo, Goldman Sachs and JP Morgan, leaving only three smaller banks as part of the alliance from within the US. Launched ahead of COP26 in Glasgow, the NZBA brings together leading banks committed to align their lending, investment and market activities with net zero pathways by mid-century or earlier. This includes 136 members across 44 countries with a collective asset base of $57 trillion.
In her latest article, CSE Climate’s Sehr Raheja explains the significance of major US banks exiting the alliance and how a growing Republican opposition to green policies in the US is shifting the landscape that financial actors can operate in. Moreover, she explores how US banks have failed to curtail fossil fuel finance despite the NZBA, and the impact their exit may have on global climate commitments.
In news from Africa, 12 countries came together to unveil their strategies that address energy access and advance clean energy solutions at the Africa Energy Summit in Dar es Salaam, Tanzania. Held between January 27-28, 2025, the summit was organised under the banner of “Mission 300”—an initiative led by the World Bank and African Development Bank to provide electricity to 300 million people across sub-Saharan Africa by 2030. According to the United Nations, over 600 million people, or over half of Africa’s population, still lack reliable access to electricity. The targeted plans and strategies, referred to as National Energy Compacts, speak about electricity access and clean cooking solutions—identifying specific measures such as increasing renewable energy adoption, upgrading energy infrastructure and enhancing financial mechanisms to support inclusive and sustainable development in Africa.
Lastly, CSE’s Renewable Energy programme is set to host a 20 hour online course on “Enabling Decentralised Renewable Energy in the Global South” between March 17-28, 2025. The course will explore the role of decentralised renewable energy (DRE) as a critical, cost-effective solution for energy access and clean energy adoption. It aims to cover the potential of DRE technologies in weak grid and off-grid areas, delve into financing and policy frameworks, and highlight how DRE can foster skill development and employment in rural communities. Find out more about the course here.
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By - Upamanyu Das
Climate Change, CSE
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| EXTREME WEATHER TRACKER |
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Climate change caused hot, dry conditions that made LA wildfires 35% more likely: WWA, 29 January 2025
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CLIMATE NEWS | SCIENCE| IMPACTS| POLITICS |
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| Online Training Course |
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Onsite Training Course |
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