Major U.S. banks withdraw from Net-Zero Banking Alliance

A study by Unleash Prosperity indicates a reversal in Wall Street’s commitment to net-zero climate policies. Six major U.S. financial institutions—JPMorgan Chase, Bank of America, Goldman Sachs, Citigroup, Morgan Stanley, and Wells Fargo—have withdrawn from the Net-Zero Banking Alliance.

The report suggests a shift away from the previous emphasis on replacing fossil fuels with renewable energy sources like wind and solar. It notes that while the net-zero movement once included a coalition of 140 member banks representing $75.5 trillion, the aggressive embrace of these policies by large corporations and the federal government is waning.