JPMorgan, major US banks exit Net Zero Banking Alliance, collapsing climate push

The Net Zero Banking Alliance had a pretty good run. Then every major US bank walked out the door. JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, and Wells Fargo all withdrew from the United Nations-backed Net Zero Banking Alliance (NZBA) between December 2024 and early January 2025. Goldman Sachs and Wells Fargo moved first in December, with JPMorgan delivering the final blow shortly after. What was the NZBA, and why does the exit matter The NZBA launched in 2021 as a voluntary commitment framework for banks pledging to align their lending and investment portfolios with net-zero greenhouse gas emissions by 2050. After the US exits, remaining members, primarily European and Asian banks, still controlled roughly 40% of global banking assets, approximately $64 trillion. The NZBA ultimately ceased operations on October 3, 2025. It shifted to what it called a “non-membership guidance model,” meaning its resources for decarbonization target-setting would remain accessible even though the formal coalition structure was gone. Political pressure did the heavy lifting The timing of the departures was not coincidental. The exits clustered around the political atmo...