Many banks, including Bank of America, have left the UN-backed NZBA|Mike Mozart|CC BY 2.0
Several banks, including Morgan Stanley, Citi and Bank of America, have exited the UN-backed Net-Zero Banking Alliance (NZBA), following similar moves by Wells Fargo and Goldman Sachs.
According to the Wall Street Journal, JPMorgan Chase, the largest US bank, is also considering leaving.
NZBA, launched in 2021, aimed to align financial activities with net-zero emissions by 2050.
The shift reflects growing political pressure from conservative groups and signals a broader pullback from environmental, social and governance (ESG) initiatives ahead of Donald Trump’s second administration.
Trump previously has dismissed climate change as a “hoax” and is expected to roll back regulations.