Six Major US Banks Pull Plug on “Net Zero” Alliance
JP Morgan becomes latest to withdraw from the United Nations-guided Net Zero Banking Alliance, a UN-backed coalition of banks committed to aligning their financial activities with net-zero carbon emissions goals by 2050.
In slightly less than two weeks, President-Elect Donald Trump will be inaugurated again.
Meanwhile, the winning continues for those of us who enjoy sensible climate and fiscal policies.
We have been following the pull-out of banks and other companies from the Environmental-Social-Governance (ESG) policy implementation for a while. This rate accelerated last year to the point there was an attempt to rebrand it.
Now six major U.S. banks have recently withdrawn from the United Nations-guided Net Zero Banking Alliance (NZBA), a UN-backed coalition of banks committed to aligning their financial activities with net-zero carbon emissions goals by 2050.
The six biggest banks in the US have all quit the global banking industry’s net zero target-setting group, with the imminent inauguration of Donald Trump as president expected to bring political backlash against climate action.
JP Morgan is the latest to withdraw from the UN-sponsored net zero banking alliance (NZBA), following Citigroup, Bank of America, Morgan Stanley, Wells Fargo and Goldman Sachs. All six have left since the start of December.
Analysts have said the withdrawals are an attempt to head off “anti-woke” attacks from rightwing US politicians, which are expected to escalate when Trump is sworn in as the country’s 47th president in just under a fortnight.
Trump’s vows to deregulate the energy sector, dismantle environmental rules and “drill, baby, drill”, were a big part of his campaign platform and are expected to form a key part of his blueprint for governing the US, the world’s biggest oil and gas producer.
One of the concerns these institutions had was the threat of anti-trust investigations by the incoming Republican Congress.
JPMorgan gave no clear reason for leaving the initiative, yet it comes after months of pressure from some Republican politicians who said membership of such coalitions could breach anti-trust rules.
“We will continue to work independently to advance the interests of our Firm, our shareholders and our clients and remain focused on pragmatic solutions to help further low-carbon technologies while advancing energy security,” a company spokesperson said in a statement.
“We will also continue to support the banking and investment needs of our clients who are engaged in energy transition and in decarbonizing different sectors of the economy.”
Unfortunately, 3 of the banks still intend to participate in the global elite inanity of Glasgow Financial Alliance for Net Zero (GFANZ), which will continue to impose climate crisis pseudoscience policies on the world.
Despite leaving NZBA, JPMorgan is now at least the third recently departed bank to say it will also maintain engagement with GFANZ, which is the UN-backed umbrella organization for NZBA and other climate-focused alliances in the financial sector. Citi and Bank of America also reiterated their commitment to GFANZ in statements to ESG Dive last week.
The JPMorgan spokesperson said the bank will continue working with GFANZ, “among others,” on advancing solutions and the market conditions that “can help further a low-carbon and energy-secure future.”
The continued commitment to working with GFANZ follows a Jan. 2 announcement from the group’s secretariat Mary Schapiro that the alliance will restructure and turn its attention to “mobilizing [climate] finance through public-private partnerships.”
And while the media and Democrats blame Republican scrutiny for the exodus, Hot Air’s Beege Welborn notes that public sentiment is the root cause of this decision.
…[T] the fact is that the general public has woken up to both the scam that is Net Zero itself and is firmly rejecting the inherent exorbitant costs across the board and the subsequent lowering of the standard of living to transition to it.
The public is saying ‘no.’
These firms can no longer operate under the faux-righteous cover of ‘saving’ anything.
The authoritarian grift jig is up.
JP Morgan Chase was the last of the US majors to pull out of the Net Zero Banking Alliance.
What killed it off stateside? Bloomberg states US banks buckled under pressure from the GOP. Blaming GOP pressure is a cheap shot. The truth is, common sense amongst the people… pic.twitter.com/alRBP6xuA4
— Desiree Fixler (@desireefixler) January 7, 2025
Given how the “net zero” policies helped create the conditions for the destructive Palisades fire and all the carbon emissions that have occurred as a result, the public pressure to end environmental imperialism is likely to intensify.
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Comments
Can we get them to stop de-banking people for this and other anti-Progressive choices, too?
Yeah, basic banking should be protected from termination absent criminal activity using the account or bouncing checks. Alternatively if we want, as a.society, to argue in favor of the proprietors/owner right to ideological discrimination so that a financial institution can turn down or terminate an account then so long as every other business owner can refuse service for any reason or no reason then I would be ok with that. However if we protect ‘rights’ to eating/lodging by patrons then in the digital age we must also protect
‘rights’ to access financial services.
Yeah, basic banking should be protected from termination absent criminal activity otherwise we will see termination based on color, class, background, religion, ad inf
iow, discrimination
Another 4 years of Democrats in the WH and we would have been well on our way to a “social credit” society. Thank you, voters, for effecting a much needed course correction.
The debanking problem falls into three classes: Karen banks like BoA who enthusiastically debank and/or rat out their own customers entirely on their own initiative; Good German banks who do it when the government tells them to, including those who would like not to, but can’t find any easy way to refuse; and Patriot banks that find one of the non-easy ways and make the effort to keep working under it.
That is already the case. There is no distinction between eating/lodging and other businesses. All businesses are entitled to turn down any customer, for any reason they like or none at all, except those reasons expressly prohibited by law.
So, the banks finally decided to stop being retards
Zero Growth, Zero Prosperity, Zero Profit is out?
“Analysts have said the withdrawals are an attempt to head off “anti-woke” attacks from rightwing US politicians…”
How about concern for being sued for neglect of fiduciary responsibility?
I call it “Pulling a Zuckerberg”