US Banks Exit Net-Zero Finance Alliance Amid Rising ESG Scrutiny
In a significant move, several major US banks have withdrawn from the Net Zero Banking Alliance, a group committed to reducing greenhouse gas emissions. JP Morgan, Goldman Sachs, Citigroup, Morgan Stanley, Wells Fargo, and Bank of America have all announced their exit, citing various reasons. This development comes as environmental, social, and governance (ESG) pressure mounts on financial institutions to prioritize sustainability and climate action. The withdrawals have sparked debate about the challenges of achieving net-zero goals and the role of banks in the transition to a low-carbon economy. As ESG considerations continue to shape the financial sector, the impact of these withdrawals on the future of sustainable finance remains to be seen. Key issues include climate change, sustainable banking, and ESG investing.
