JPMorgan completes Wall Street's retreat from key climate alliance

Yahoo Finance01-07 22:48

JPMorgan Chase (JPM) said Tuesday its leaving the Net Zero Banking Alliance (NZBA), completing a mass exodus of Wall Street banks from a key climate group. The biggest lender in the US said it would "...

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JPMorgan's decision comes after similar exits in recent days and weeks by Morgan Stanley , Citigroup , Bank of America , Wells Fargo , and Goldman Sachs .The NZBA was formed in 2021 as part of the Glasgow Financial Alliance for Net Zero, and a number of banks touted their initial membership in the alliance as financial-sector commitments to net zero goals became a focus for Wall Street.The JPMorgan corporate headquarters in New York City. REUTERS/Mike Segar/File Photo. 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REUTERS/Mike Segar/File Photo\n \n\n  Reuters / Reuters\n \n\nNow such affiliations are coming under political attack as the GOP prepares to take over all of Washington in 2025 and ramps up a focus on \"woke\" investing.\nIn December, the House Judiciary Committee, led by Ohio Republican Jim Jordan, criticized financial environmental alliances, saying they have created what it called \"a climate cartel.\"\nAnother climate coalition formed with an aim to limit greenhouse gases globally, Climate Action 100+, has lost JPMorgan Chase (JPM), State Street (STT), and Pimco as members. BlackRock (BLK) transferred its membership from BlackRock Inc. to BlackRock International.\nLast year Jordan called the Climate Action 100+ withdrawals \"big wins for freedom and the American economy, and we hope more financial institutions follow suit in abandoning collusive ESG actions.\"\n\n\n\n  FILE PHOTO: U.S. Representative Jim Jordan (R-OH) speaks at a House Republicans press conference on Capitol Hill in Washington, U.S., June 12, 2024. REUTERS/Craig Hudson/File Photo\n \n\n  Reuters / Reuters\n \n\nBanks aren’t abandoning all climate groups.\nCitigroup, for example, remains part of the Glasgow Financial Alliance for Net Zero, the wider climate initiative that houses NZBA and also includes coalitions of large asset managers and insurers. Citigroup CEO Jane Fraser and Bank of America CEO Brian Moynihan, along with BlackRock CEO Larry Fink, were founding principals.\nLast week, that alliance shared a statement announcing changes to the organization that loosened the barriers to participation. \nJPMorgan said Tuesday that its asset management division will remain part the affiliated Net Zero Asset Managers Initiative (NZAMI) even as the company leaves the climate group for banks.\n\"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,” the spokesperson added.\nSome banks said the climate alliance departures don’t represent a rejection of their climate goals.\n\"Morgan Stanley’s commitment to net-zero remains unchanged,\" the New York investment bank said in a statement emailed to Yahoo Finance last week. \nIn October, the bank set its own net zero targets that called for less ambitious emission reductions than what is laid out in the international climate treaty known as the Paris Agreement.\nCitigroup also said, \"We remain committed to reaching net zero and continue to be transparent about our progress.\"\nDavid Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance.\nClick here for in-depth analysis of the latest stock market news and events moving stock prices\nRead the latest financial and business news from Yahoo Finance","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2501978885"}