The Net-Zero Banking Alliance (NZBA) — a group dedicated to helping lenders reduce their carbon footprints — has in quick succession been abandoned by Goldman Sachs Group, Wells Fargo & Co, Citigroup, Bank of America and Morgan Stanley. JPMorgan Chase & Co, the largest US bank, looks to be next in line.
The moves reflect US banks' desire to shield themselves from increasing political pressure as Donald Trump returns to the White House. And NZBA is bracing for more US exits, Secretariat Lead Sarah Kemmitt told members in a December 31 letter seen by Bloomberg. She cited the "political environment."
At the same time, the real-world impact of the NZBA defections is unclear. According to data, banks have stepped up their financing of the fossil-fuel industry since the alliance was formed in 2021.
Denne historien er fra January 06, 2025-utgaven av Business Standard.
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Denne historien er fra January 06, 2025-utgaven av Business Standard.
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