This paper examines whether and to what extent business case-induced voluntary corporate regulation can facilitate broader societal benefit. It does so through analysis of an empirical case study: banks and climate change. Specifically, it investigates whether it is prudent to put our faith in purely voluntary action as the mode by which banks assist timely transition to a low-carbon economy when such action is borne of business case logic. In so doing, this article provides practical insights into the limits of self-regulation, and contributes to the broader intellectual debate about self-regulation versus government intervention.