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Big Wall Street banks simultaneously pulled out of the same Net Zero Climate Alliance that was investigated by Republican lawmakers last year and announced just weeks before President-elect Donald Trump took office.
From 2021, major banks will join Net Zero, a global group of financial institutions “committed to financing ambitious climate action” to move economies to net-zero greenhouse gas emissions by 2050. It is a key member of the National Banking Alliance (NZBA).
However, since December, six of the world’s largest banks, JP Morgan, Wells Fargo, Goldman Sachs, Morgan Stanley, Citigroup, and Bank of America, have each individually announced their withdrawal from the alliance. Banks are also encouraging “design and configure.” , achieving science-based net-zero targets.
Both banks remain committed to their emissions reduction targets, but said they would do so on a voluntary basis.
A second possible withdrawal from the Paris Climate Treaty could be different from the US’s first withdrawal
JPMorgan Chase sign and building exterior seen in New York City. (plexi image)
A spokesperson for JPMorgan, the most recent bank to exit, said: “We continue to work independently to advance the interests of our company, shareholders and customers, and support further low-carbon technologies while promoting energy security. We remain focused on practical solutions to The alliance said in a statement.
BlackRock, the world’s largest investment firm, also announced on Thursday that it is partnering with asset managers to support the Net Zero Asset Managers Association, a leading climate change organization that aims to achieve net-zero emissions by 2050 or sooner. announced that it would be separated from the “Initiative.”
The simultaneous withdrawals come just weeks before Trump takes office, withdrawing from President Biden’s greenhouse gas emissions reduction goals and potentially withdrawing from the Paris climate accord.
Wall Street billboards in front of the New York Stock Exchange on Wednesday, July 31, 2024 in New York City. (Michael Nagle)
Paddy McCurry, senior analyst at Reclaim Finance, said: “The sudden departure of these large US banks from the NZBA is a desperate effort to avoid criticism from President Trump and his cronies of climate change deniers.” ‘The Guardian reported.
“A few years ago, when climate change was at the forefront of the political agenda, banks wanted to brag about their commitment to climate action,” McCurry added. “Now that the political pendulum has swung the other way, suddenly addressing climate change doesn’t seem as important to Wall Street financiers.”
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The withdrawal comes nearly a year after a group of House Republicans launched an investigation into six banks over their involvement in the United Nations, citing potential impacts on the agricultural sector. Ta.
Aubrey Spady is a writer for Fox News Digital.
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