Finance
JPMorgan becomes latest U.S. lender to quit Net-Zero Banking Alliance
Published by Global Banking & Finance Review®
Posted on January 7, 2025
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 7, 2025
1 min readLast updated: January 27, 2026
JPMorgan exits the Net-Zero Banking Alliance, joining other U.S. banks under political pressure. The bank will pursue independent climate strategies.
By Simon Jessop
LONDON (Reuters) -JPMorgan said on Tuesday it was leaving the Net-Zero Banking Alliance, the latest U.S. lender to quit the sector's biggest climate coalition amid rising U.S. political pressure.
The move means the six biggest banks in the world's largest economy - Goldman Sachs, Wells Fargo, Citi, Bank of America, Morgan Stanley and now JPMorgan - have all left the group in the space of a month.
JPMorgan gave no clear reason for leaving the initiative, yet it comes after months of pressure from some Republican politicians who said membership of such coalitions could breach anti-trust rules.
"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," a company spokesperson said in a statement.
"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."
(Reporting by Simon Jessop; Editing by Sinead Cruise and Tommy Reggiori Wilkes)
The article discusses JPMorgan's exit from the Net-Zero Banking Alliance amid political pressures in the U.S.
JPMorgan did not specify a clear reason, but political pressure from U.S. Republicans is suggested.
It is a coalition of banks committed to aligning their lending and investment portfolios with net-zero emissions by 2050.
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