Wall Street's Climate Coalitions Collapsing Amid Fading Support

Wall Street's push for 'net zero' climate initiatives has collapsed as major US banks and money managers have abandoned their commitments to environmental coalitions. According to a report from the Committee to Unleash Prosperity, all six major US banks - JPMorgan Chase, Bank of America, Goldman Sachs, Citigroup, Morgan Stanley, and Wells Fargo - have quit the Net Zero Banking Alliance.

The alliance's collapse has crippled its effectiveness, with 140 member banks representing $75.5 trillion in combined assets having left or withdrawn from the group as recently as November 2024. The report notes that banks' support for 'net zero' causes has plunged nearly 90% over the past four years.

CEOs of major US banks have defended their decision to withdraw, citing concerns about the commitments they made when joining the climate groups. Jerry Bowyer, CEO of Bowyer Research and author of the report, said that some financial institutions may not have fully understood the implications of their actions.