The EU’s Environment Council met on 4 November
Letter from Europe: Western retreat raises doubts over climate leadership
After years of pursuing ideologically driven climate leadership, Western powers are now stepping back under mounting political pressure and rising populist opposition—prompting concern essential climate action could be sidelined
The UN-backed Net-Zero Banking Alliance (NZBA)—once the flagship coalition of global lenders committed to decarbonising finance—formally ceased operations following a vote by its members on 3 October. The decision marks the end of a major chapter in climate finance that began in 2021 with lofty ambition but ultimately succumbed to political headwinds and dwindling industry participation. Established under the UN Environment Programme Finance Initiative, the alliance at its peak brought together nearly 150 banks representing more than 40% of global banking assets. Members had pledged to align their lending and investment portfolios with a net-zero pathway by 2050. Yet withdrawals accelerated
Also in this section
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
