As Donald Trump gears up for a return to the White House, JPMorgan Chase has joined a growing list of U.S. banks that have departed from the Net-Zero Banking Alliance (NZBA). This strategic exit follows similar moves by prominent banks, including Bank of America, Citi, Goldman Sachs, Morgan Stanley, and Wells Fargo, all of which have also withdrawn from this global climate initiative.
The departure of these U.S. financial institutions from the NZBA reflects a broader pushback against what some Republicans are labeling as “woke” capitalism, particularly in the lead-up to Trump’s anticipated presidency, as reported by Bloomberg. Recently, the House Judiciary Committee, under Republican leadership, asserted that financial alliances like the NZBA contribute to the formation of a “climate cartel.”
Established in 2021, the UN-convened NZBA was designed to compel its members to commit to transitioning their operational and attributable greenhouse gas (GHG) emissions from their lending and investment portfolios in order to achieve net-zero emissions by 2050 or sooner. The alliance currently boasts 141 members across 44 countries, including major European banks such as Banco Santander, Barclays, Deutsche Bank, and HSBC. Notably, however, only three U.S. banks—Amalgamated Bank, Areti Bank, and Climate First Bank—remain part of this global initiative.
In a statement, JPMorgan affirmed its commitment to focusing on the interests of its firm, shareholders, and clients, expressing intent to pursue practical solutions that support low-carbon technologies while also enhancing energy security.