JPMorgan Chase announced on Tuesday its departure from the Net-Zero Banking Alliance (NZBA), making it the latest US financial giant to withdraw from the sector’s largest climate coalition. The move follows a wave of exits by the six largest banks in the US—including Goldman Sachs, Wells Fargo, Citi, Bank of America, and Morgan Stanley—within just a month.
While JPMorgan did not provide a specific reason for its withdrawal, the decision comes amid mounting pressure from Republican lawmakers, who argue that participation in such alliances could violate anti-trust laws.
Despite departing from the coalition, the bank emphasised its ongoing commitment to supporting energy transition efforts. “We remain focused on pragmatic solutions to further low-carbon technologies while advancing energy security,” a company spokesperson stated, adding that JPMorgan would continue to meet the banking and investment needs of clients engaged in decarbonisation initiatives.
