Major US Banks Withdraw From UN-Backed Climate Alliance
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Several leading US banks, including Morgan Stanley, Citigroup, Bank of America, Wells Fargo, and Goldman Sachs, have decided to leave the Net Zero Banking Alliance, a United Nations-supported group aimed at cutting carbon emissions. The banks originally joined to showcase their commitment to sustainability goals, but increased political pressures—especially with a new Trump administration nearing—appear to have changed their calculations.
Critics like Congressman Jim Jordan have labeled these climate coalitions as examples of “woke” investing and a potential “climate cartel.” In December, Jordan’s House Judiciary Committee highlighted its concerns, suggesting these alliances could hurt economic freedom. Financial institutions seem to be taking note, and some have responded by parting ways with the alliance.
Even so, banks such as Morgan Stanley insist they remain focused on achieving net-zero targets individually. Some, like Citigroup, continue to participate in other major climate groups, such as the Glasgow Financial Alliance for Net Zero, which recently eased its requirements. Overall, the recent exits underscore how political and public scrutiny is forcing Wall Street to carefully reassess its ties to high-profile environmental initiatives.
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