Major US Banks Abandon Net-Zero Finance Alliance Amid Rising ESG Scrutiny
In a significant move, several major US banks have withdrawn from the Net Zero Banking Alliance, a group committed to reducing greenhouse gas emissions. JP Morgan is the latest to join the exodus, following in the footsteps of Goldman Sachs, Citigroup, Morgan Stanley, Wells Fargo, and Bank of America. As Environmental, Social, and Governance (ESG) pressures mount, these banks are reassessing their involvement in sustainable finance initiatives. The withdrawals raise questions about the future of net-zero banking and the role of financial institutions in addressing climate change, with ESG investing and climate action taking center stage. This shift highlights the growing importance of sustainability in the banking sector, where financial institutions must balance business goals with social and environmental responsibilities.
