Story perspectives

U.S. Banks Abandon Net-Zero Alliance Amid Political Pressure

1/6/2025

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Summary

Story summary

Major U.S. banks, including Goldman Sachs and Wells Fargo, have withdrawn from the Net-Zero Banking Alliance, leaving JPMorgan Chase as the sole Big Six member.
This shift follows pressure from Republican lawmakers and growing opposition to ESG investing, raising concerns about climate commitments.
Critics warn this indicates a reduced focus on climate action among these banks, which heavily finance fossil fuels.
The NZBA retains 142 global members, with European banks poised to pursue more ambitious climate initiatives.

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Story summary

Major U.S. banks, including Goldman Sachs and Wells Fargo, have withdrawn from the Net-Zero Banking Alliance, leaving JPMorgan Chase as the sole Big Six member.
This shift follows pressure from Republican lawmakers and growing opposition to ESG investing, raising concerns about climate commitments.
Critics warn this indicates a reduced focus on climate action among these banks, which heavily finance fossil fuels.
The NZBA retains 142 global members, with European banks poised to pursue more ambitious climate initiatives.