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
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
