77 - Why Are U.S. Banks Leaving the Net-Zero Banking Alliance?

Escaping the climate trap?

Author

The Climate Mentor
January 9th, 2025 • Estimated Reading Time: 4 minutes

A fractured commitment to climate goals ♻️

2025 began with a shift in the financial sector: several of the U.S.’s largest banks, including Citigroup, Bank of America, and Morgan Stanley, announced their departure from the Net-Zero Banking Alliance (NZBA). 

These exits follow similar moves we already talked about by Wells Fargo and Goldman Sachs just weeks earlier.

Established to align banking practices with net-zero emissions by 2050, the NZBA’s vision seemed unassailable.

So why are these companies walking away? And what does this mean for the future of sustainable finance?

Logos of various international banks including Ålandsbanken, Banco Promerica, BBVA, HSBC, Deutsche Bank, and others, representing a diverse range of financial institutions.

NZBA - Global Banking Partners: A Diverse Network

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