JPMorgan Leads Wall Street's Complete Exit from Net Zero Banking Alliance

The departure of the six largest U.S. banks reflects growing political pressure and shifting priorities under the incoming Trump administration.

JPMorgan Chase has become the sixth major U.S. bank to leave the Net Zero Banking Alliance (NZBA), following recent exits by Goldman Sachs, Citigroup, Bank of America, Morgan Stanley, and Wells Fargo.
The NZBA, formed in 2021 as part of the Glasgow Financial Alliance for Net Zero (Gfanz), aimed to align banking activities with net-zero emissions goals by 2050.
The banks cited a need for flexibility and a focus on energy security, with analysts attributing the withdrawals to political pressure from Republican leaders critical of climate-focused policies.
The exodus highlights a growing divide between U.S. and European financial institutions, with European banks remaining committed to the NZBA and broader climate initiatives.
JPMorgan and other departing banks maintain they will continue to support clients in energy transition efforts and pursue independent strategies for decarbonization.