US Banks Exit Net-Zero Finance Alliance Amid Escalating ESG Scrutiny
2025-01-10
Upstream
In a significant move, several major US banks, including JP Morgan, Goldman Sachs, and Citigroup, have withdrawn from the Net Zero Banking Alliance, amid mounting Environmental, Social, and Governance (ESG) pressure. This exodus, which also includes Morgan Stanley, Wells Fargo, and Bank of America, highlights the challenges banks face in balancing financial goals with growing sustainability expectations. As ESG considerations continue to shape the financial sector, these banks' decisions may have far-reaching implications for the industry's approach to climate change and sustainable finance initiatives, sparking debate about the future of net-zero banking and green finance strategies.
