The Muse

RG Richardson City Guide has over 300 guides let our interactive search city guides do the searching, no more typing and they never go out of date. With over 13,900 preset searches, you only have to click on the preset icon. Search for restaurants, hotels, hostels, Airbnb, pubs, clubs, fast food, coffee shops, real estate, historical sites and facts all just by clicking on the icon. Even how to pack is all there.

RG Richardson Interactive

RG Richardson Interactive
Interactive Finance Dictionary

6 of the Largest U.S. Banks Leaving Net Zero Alliance Ahead of Trump

6 of the Largest U.S. Banks Leaving Net Zero Alliance Ahead of Trump

Six of the largest banks in the United States have bowed out of the global Net Zero Banking Alliance (NZBA), with the inauguration of Donald Trump predicted to bring political backlash concerning climate action, reported The Guardian.

The latest to withdraw is JP Morgan, which followed Citigroup and Bank of America. Morgan Stanley, Goldman Sachs and Wells Fargo have also left the United Nations-sponsored NZBA since the beginning of December.

Bank of America and Wells Fargo skyscrapers in Los Angeles, California in 2020. vesperstock / iStock Editorial / Getty Images Plus

“JPMC is ending our membership in the Net Zero Banking Alliance (NZBA). We will continue to work independently to advance the interests of our Firm, our shareholders and our clients and remain focused on pragmatic solutions to help further low-carbon technologies while advancing energy security. We will also continue to support the banking and investment needs of our clients who are engaged in energy transition and in decarbonizing different sectors of the economy,” a spokesperson for JPMorganChase said in a statement provided to ESG Today.

The defections from NZBA come on the heels of exits from similar groups in the finance industry. In 2023, GOP litigation threats led to a mass exodus from an insurers’ net zero alliance, Bloomberg reported. And an asset managers climate organization disbanded from Vanguard Group — the second-largest money manager in the world — in 2022.

The breakup of worldwide climate associations has forced the regrouping of those in charge. The Glasgow Financial Alliance for Net Zero (GFANZ) serves as a finance industry net zero umbrella organization, and it ended last year with a message that it was going to distance itself from the other alliances. According to the latest update from GFANZ, it plans to make its advice available to financial firms that have made no commitment to a net zero pact, as well as those that have.

JPMorgan said on Tuesday that it plans to “continue engaging with GFANZ, among others, to advance pragmatic solutions and market conditions that can help further a low-carbon and energy-secure future,” as reported by Bloomberg.

Comments

Post a Comment