Analysis of media coverage and political statements

JPMorgan Chase Joins U.S. Banks in Exiting Net-Zero Alliance, BlackRock Also Withdraws from Climate Group

Jan 9, 2025, 07:49 PM

JPMorgan Chase & Co. has become the latest major U.S. bank to exit the Net-Zero Banking Alliance (NZBA), a UN-backed coalition aimed at aligning the banking sector's activities with achieving net-zero greenhouse gas emissions by 2050. This move follows the recent departures of Citigroup, Bank of America, Morgan Stanley, Wells Fargo, and Goldman Sachs from the alliance, leaving no large U.S. banks remaining in the group. The exits are attributed to pressure from Republican politicians who have criticized such climate initiatives as 'woke capital' and raised concerns about antitrust violations. Additionally, BlackRock Inc., the world's largest asset manager, has announced its withdrawal from the Net Zero Asset Managers initiative (NZAMI), citing similar legal inquiries and political backlash. These developments signal a broader retreat from climate-focused financial commitments among major U.S. financial institutions.