The six largest banks in the United States have abandoned a climate change “alliance” just ahead of the inauguration of President-elect Donald J. Trump. In early December, JP Morgan joined Citigroup, Bank of America, Morgan Stanley, Wells Fargo, and Goldman Sachs in distancing themselves from the United Nations-supported Net Zero Banking Alliance (NZBA).
Paddy McCully from Reclaim Finance described the banks’ withdrawal as a calculated move to sidestep challenges from Trump. McCully noted that while climate commitments were previously emphasized, with changing political winds, such priorities seem less central.
The NZBA aims to align financial practices with a goal of net zero greenhouse gas emissions by mid-century. Citigroup, a founding member, and JP Morgan both claim they will continue independently pursuing low-carbon technologies, but from outside the organization. The NZBA’s membership count still stands at 141 banks after the departures, with significant participation from European banks.
The American banks are just the latest companies to abandon leftist policies after President-elect Trump’s victory last November. Over the last year, several other major companies have abandoned woke policies related to diversity, equity, and inclusion (DEI) and climate change.
In October, Democrats attempted to preserve DEI initiatives, telling corporations not to abandon them despite public and shareholder backlash. […]
— Read More: thenationalpulse.com
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