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Six Major US Banks Exit Net Zero Alliance Ahead of Trump's Inauguration

share-iconWednesday, January 08 comment-icon3 weeks ago 8 views
News sources:
theguardianTHEGUARDIAN
Six Major US Banks Exit Net Zero Alliance Ahead of Trump's Inauguration

Credited from: THEGUARDIAN

  • Six prominent US banks have left the Net Zero Banking Alliance (NZBA) as political pressures mount with Donald Trump's upcoming inauguration.
  • JP Morgan, Citygroup, Bank of America, Wells Fargo, Morgan Stanley, and Goldman Sachs are among the banks that have exited the alliance.
  • Analysts suggest these withdrawals are attempts to avoid backlash from right-wing politicians as Trump promotes deregulation and challenges climate initiatives.
  • Despite withdrawals, the NZBA maintains 141 member banks, including major European institutions, continuing their commitment to climate action.
  • The banks state their departures allow for greater flexibility in their investment and climate strategies, though this raises concerns over climate commitments in the finance sector.

For more details, visit the original article here.

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