Story perspectives

US and Canadian Banks Exit Net Zero Alliance Amid Backlash

2/11/2025

38 8

Summary

Story summary

Major US and Canadian banks, including Bank of America and JPMorgan Chase, have left the Net Zero Banking Alliance due to political backlash and legal threats.
Despite these exits, 135 institutions remain committed, particularly European banks supporting climate goals.
The NZBA's objective is to achieve net-zero emissions by 2050, yet many departing banks lacked adequate climate action.
This situation underscores the necessity for enhanced commitments and accountability in the financial sector to address climate change effectively.

1 of 1

Story summary

Major US and Canadian banks, including Bank of America and JPMorgan Chase, have left the Net Zero Banking Alliance due to political backlash and legal threats.
Despite these exits, 135 institutions remain committed, particularly European banks supporting climate goals.
The NZBA's objective is to achieve net-zero emissions by 2050, yet many departing banks lacked adequate climate action.
This situation underscores the necessity for enhanced commitments and accountability in the financial sector to address climate change effectively.