US Banks Abandon Net-Zero Finance Alliance Amid Rising ESG Scrutiny
In a significant move, six major US banks, including JP Morgan, Goldman Sachs, and Bank of America, have quit the Net Zero Banking Alliance as environmental, social, and governance (ESG) pressure intensifies. The withdrawals, which also include Citigroup, Morgan Stanley, and Wells Fargo, highlight the growing challenges faced by financial institutions in balancing sustainability goals with regulatory and stakeholder expectations. As ESG investing and climate change concerns continue to shape the financial landscape, the exit of these prominent banks raises questions about the future of net-zero finance initiatives. With sustainable finance and corporate social responsibility under scrutiny, the decision is likely to have far-reaching implications.
