The Net-Zero Banking Alliance (NZBA), which aims to help the world achieve net-zero carbon emissions by 2050, has lost its last major US member as JPMorgan Chase withdrew on Tuesday. The move follows similar departures from Morgan Stanley, Citigroup, Bank of America, Wells Fargo, and Goldman Sachs.
The NZBA’s goal is to mobilize banks’ investments towards climate-friendly projects, reducing their carbon footprint. However, the group’s existence has been opposed by the MAGA world, leading many US banks to exit.
Critics argue that the NZBA resembles a “globalist cartel” from a MAGA perspective, prompting some to find alternative ways to achieve its goals without formal membership. Despite this, remaining members have not yet retracted their net-zero commitments.
The exodus of US banks has echoes in Corporate America’s retreat from diversity and inclusion programs. It remains unclear whether reduced outward commitments will translate into internal changes.
Some advocate for legislation to enforce climate commitments, particularly in New York, which can pass laws that require bankers to meet specific targets.
This move is part of the larger MAGA agenda to dismantle climate action, but it may face significant resistance from environmental groups and those pushing for accountability.
Source: https://www.axios.com/2025/01/08/climate-chase-nzba-banks-net-zero