Major US Banks Abandon Climate Pledge: A Shift in Corporate Priorities? In a surprise move, six of the largest US banks have withdrawn from the Net Zero Banking Alliance, a global initiative aimed at reducing greenhouse gas emissions to net zero by 2050. JPMorgan, Bank of America, Goldman Sachs, Citigroup, Morgan Stanley, and Wells Fargo, collectively responsible for trillions of dollars in lending and investments, have collectively pulled out of the alliance. The decision is seen as a significant setback for the fight against climate change, as these banks were among the most prominent signatories to the initiative. The exact reasons behind their departure remain unclear, but experts speculate that the move may be driven by concerns over regulatory burdens, economic costs, or shifting corporate priorities.
All six major US banks -- JPMorgan, Bank of America, Goldman Sachs, Citigroup, Morgan Stanley and Wells Fargo -- quit the Net Zero Banking Alliance.
