Then it was gone! JPMorgan Chase becomes last of Big Six US banks to exit net-zero banking alliance – is Watt supportive?

From Climate Warehouse

Mark Morano

https://www.reuters.com/business/environment/jpmorgan-says-leave-net-zero-banking-alliance-2025-01-07

Simon Jessop

• The last of the Big Six U.S. banks to exit the group
• Says he remains 'focused' on pragmatic climate solutions
• Exit comes as U.S. political pressure mounts

LONDON, Jan 7 (Reuters) – JPMorgan Chase & Co (JPM.N) said on Tuesday it would withdraw from the Net Zero Banking Alliance, the latest U.S. bank to pull out of the industry's largest climate alliance amid rising political pressure in the United States.

The move means six of the biggest banks in the world's largest economy – Goldman Sachs (GS.N), opens in new tab, Wells Fargo (WFC.N), opens in new tab, Citibank (CN), opens in new tab, Bank of America ( BAC.N ), opens in new tab, Morgan Stanley ( MS.N ), opens in new tab, and now JPMorgan Chase – have all left the organization in the space of a month.

JPMorgan gave no clear reason for withdrawing from the initiative, but it came after months of pressure from some Republican politicians who said joining such a coalition could violate antitrust rules.

“We will continue to work independently to advance the interests of our company, shareholders and customers, and remain focused on pragmatic solutions to help further develop low-carbon technologies while promoting energy security,” a company spokesperson said in a statement.

“We will also continue to support the banking and investment needs of clients engaged in the energy transition and decarbonization of different economic sectors.”

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