Trump Effect: After Wall Street Exodus, The Net-Zero Banking Alliance Explores Axing 1.5C Temp Goal – ‘Such changes would amount to a clear departure from the founding tenets of the alliance’
Bloomberg: The largest climate-finance group for banks is exploring a list of fundamental adjustments to how it operates, as it seeks to right itself after a wave of high-profile exits. The Net-Zero Banking Alliance is considering an overhaul of its membership terms that may include abandoning a requirement for signatories to align their portfolios with a goal of limiting global warming to 1.5C ...
The development follows a tumultuous few months for NZBA. The alliance was founded just four years ago and once claimed to represent over 40% of global banking assets. Now, with Wall Street responding to the Trump administration’s attacks on climate policies, net zero alliances are fighting for survival.
Goldman Sachs Group Inc. was the first Wall Street bank to turn its back on NZBA, announcing its decision a month after Donald Trump won the Nov. 5 presidential election. By Jan. 7, when JPMorgan Chase & Co. quit, not a single big US bank was left in the alliance. Canadian banks were quick to follow, virtually wiping NZBA off the North American map.
https://www.climatedepot.com/2025/02/22/trump-effect-after-wall-street-exodus-the-net-zero-banking-alliance-explores-axing-1-5c-temp-goal-such-changes-would-amount-to-a-clear-departure-from-the-founding-tenets-of-the-alliance/
