JPMorgan Chase has become the latest US lender to leave the Net-Zero Banking Alliance, a climate coalition of six major banks. The move follows months of pressure from Republican politicians who claimed membership in such groups could breach anti-trust rules.
The Big Six US banks – Goldman Sachs, Wells Fargo, Citi, Bank of America, Morgan Stanley, and now JPMorgan – have all left the alliance in the past month. JPMorgan’s departure was not explicitly stated by the company, but it comes after growing concerns about the impact on energy security.
“We will continue to work independently to advance our interests and remain focused on pragmatic solutions to help low-carbon technologies,” said a company spokesperson. The bank will support clients engaged in energy transition and decarbonization efforts.
This exit marks the last major US lender to leave the alliance, following similar departures by its peers.
Source: https://www.reuters.com/business/environment/jpmorgan-says-leave-net-zero-banking-alliance-2025-01-07