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Big banks abandoned a voluntary climate alliance. Now, critics are calling for new laws.

Summary

Between December 2024 and January 2025, major U.S. banks—including Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo—exited the United Nations-sponsored Net Zero Banking Alliance (NZBA). This departure followed pressure from conservative lawmakers who criticized the banks' environmental, social, and governance (ESG) practices, labeling them as part of a "woke climate agenda" and suggesting potential antitrust violations. The NZBA, established in 2021, aims for member banks to achieve net-zero greenhouse gas emissions by 2050, encompassing their operations and investment portfolios. In light of these withdrawals, environmental advocates argue that voluntary initiatives like the NZBA are insufficient for driving significant decarbonization in the financial sector. They are now urging for more robust state and international legislation to ensure banks align with climate goals and reduce fossil fuel financing.

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