Wall Street’s largest banks, including J.P. Morgan, Wells Fargo, Goldman Sachs, Morgan Stanley, Citigroup, and Bank of America, have simultaneously exited the Net-Zero Banking Alliance (NZBA). The global group aimed to finance ambitious climate action and transition the economy to net-zero greenhouse gas emissions by 2050. However, the banks now claim to remain committed to emission reduction targets but will pursue them independently.
BlackRock, the world’s largest investment firm, has also separated from a major climate initiative. The synchronicity of these exits comes just weeks before President-elect Donald Trump takes office. Trump is expected to break away from President Biden’s greenhouse gas emissions reduction target and potentially withdraw from the Paris Climate Agreement.
Climate experts warn that the sudden withdrawal may be an attempt by banks to avoid criticism from Trump, who has expressed climate denialist views. The decision follows a probe launched by House Republicans last year over the banks’ involvement in the NZBA due to concerns it could impact the agriculture sector.
Source: https://www.foxnews.com/politics/wall-street-breaks-from-net-zero-climate-alliance-ahead-trump-term