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Six Major U.S. Banks Withdraw from Net Zero Alliance Amid Political Climate Changes

  • Six major U.S. banks, including Goldman Sachs and Wells Fargo, have withdrawn from the Net-Zero Banking Alliance amid political changes and threats of antitrust action from Republican politicians.
  • The exit of these banks leaves JPMorgan as the only major U.S. bank still in the alliance, which aims to align financing with climate goals.
  • Advocates express concern that the banks' departures signal a decreased commitment to climate change initiatives and may lead to reduced climate-friendly policies.
  • The backlash against environmental, social, and governance investing has intensified following the recent election of Republican politicians, including the return of Donald Trump as president.
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At the United Nations Environment Programme, there is an atmosphere of domino effect. On January 7, in fact, the American bank JPMorgan left its Net-Zero Banking Alliance (NZBA) — created in 2021 and bringing together the world's largest banks in order to promote the transition of the global economy towards carbon neutrality —, the latest defection in a series that is getting going on: Goldman Sachs got the ball rolling in early December, quickl…

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The Daily Sceptic broke the news in on Friday, January 3, 2025.
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