Overview
- Members voted to end the alliance’s member-based structure and convert its rules into a non-binding framework, prompting an immediate shutdown.
- The Guidance for Climate Target Setting for Banks and related implementation tools will stay publicly accessible for institutions setting decarbonisation targets.
- A yearlong wave of departures following President Trump’s election drove the collapse, with JPMorgan, Goldman Sachs, Bank of America, Citigroup, Morgan Stanley and Wells Fargo among those leaving, followed by HSBC, Barclays and major Canadian banks.
- Launched in 2021 under the UN Environment Programme’s Finance Initiative, the alliance grew to nearly 150 banks at its peak before the exodus.
- Activities were paused in late August for a vote, and campaign group ShareAction condemned the closure as weakening accountability on banks’ climate commitments.