J.P. Morgan Joins Wall Street Banks in Exodus From Climate Coalition Ahead of Trump Presidency

J.P. Morgan is the latest major Wall Street bank to turn on a once-popular United Nations-sponsored climate coalition ahead of President-elect Trump’s return to office. The bank, the largest in the country, announced its exit from the Net Zero Banking Alliance on Tuesday, citing a decision to “work independently” on developing its low-carbon technology innovations. The coalition was formed by the Glasgow Financial Alliance for Net Zero, which is co-chaired by a former New York City mayor, Michael Bloomberg, and a former governor to the Bank of England, Mark Carney.The move places J.P. Morgan among the likes of Morgan Stanley, Citigroup, Bank of America, Wells Fargo, and Goldman Sachs, all of which departed the group in recent weeks. Blackrock is considering joining in on the boycott, the New York Post reports. The exodus marks a significant shift in the industry’s approach to climate commitments. Membership in the Net Zero Banking Alliance, which was formed in 2021, was once eagerly sought by banks looking to show off their environmentally-friendly outlook. As part of the coalition, the banks pledged to achieve net-zero greenhouse gas emissions by 2025. The industry’s embrace of climate goals was not without backlash, however. In November, a slew of states, led by Texas, sued asset management firms, including BlackRock, Vanguard, and State Street, for violating antitrust law by using climate goals as a means to push coal companies to reduce output, which in turn shot up energy prices. In December, the GOP-led House Judiciary Committee said that it had found “substantial evidence of collusion and anticompetitive behavior” by the financial industry to “impose radical ESG-goals” on American companies. The Judiciary singled out several climate groups, including the Net Zero Alliance, for leading a so-called “climate crusade.”

J.P. Morgan Joins Wall Street Banks in Exodus From Climate Coalition Ahead of Trump Presidency

J.P. Morgan Joins Wall Street Banks in Exodus From Climate Coalition Ahead of Trump Presidency

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