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    Yank Retreat: U.S. Banks Exiting Global Net Zero Alliance

    Jan. 7, 2025
    New York-based multinational investor and lender JPMorgan Chase is withdrawing from the United Nations-guided Net Zero Banking Alliance. The departure is only the most recent by American banks lately.
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    A global consortium of banking giants focused on investments to reduce greenhouse gas emissions is losing yet another U.S. member.

    New York-based multinational investor and lender JPMorgan Chase is withdrawing from the United Nations-guided Net Zero Banking Alliance. The departure is only the most recent by American banks lately, with exits by Morgan Stanley, Bank of America, Wells Fargo, Goldman Sachs and Citigroup, according to reports.

    The Net Zero Banking Alliance was formed in 2021 and still includes about 140 institutions worldwide, according to the group’s website.

    The American banking exits come as the Republican Party and President-Elect Donald Trump, historically an opponent of environmental and emissions-reduction policies, return to power in the U.S. Those who have departed the Net Zero Banking Alliance contend they are not swayed by political agendas but still committed to combatting climate change through investment in green technologies, if not within the umbrella of the global group.

    JPMorgan Chase said it 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,” according to the company’s statement.

    Banks which remain in the Net Zero Alliance include Banorte, Lloyds Banking Group, Royal Bank of Canada and First Abu Dhabi Bank, among more than 130 others.

    Read more: Global Banks Calling for More Nuclear Energy

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    When joining the commitment, all member banks pledged to transition lending and investment portfolios to align with the goal of net zero attributable emissions by 2050. They also agreed to annually post absolute emissions intensity details and disclose progress toward targets.

    “We will continuously increase our positive impacts while reducing the negative impacts on, and managing the risks to, people and environment resulting from our activities, products and services. To this end, we will set and publish targets where we can have the most significant impacts,” reads the Net Zero Banking Alliance commitment statement agreed to for membership.

    The largest U.S. banks typically are seeking attention for energy transition moves, although that has quieted in recent years. In 2022, JPMorgan Chase announced plans for a new all-electric, net-zero headquarters facility in New York City. The 60-story skyscraper would be designed by Foster + Partners and source its energy directly from a hydroelectric power plant in the state.

    The HQ, 270 Park Avenue, is currently still in construction. The nearly 1,400-foot-tall building is projected to be completed later this year.

    From NA+ to Volanic Geothermal and Nuclear Fusion

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    About the Author

    Rod Walton, EnergyTech Managing Editor | Senior Editor

    For EnergyTech editorial inquiries, please contact Managing Editor Rod Walton at [email protected].

    Rod Walton has spent 15 years covering the energy industry as a newspaper and trade journalist. He formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    Walton earned his Bachelors degree in journalism from the University of Oklahoma. His career stops include the Moore American, Bartlesville Examiner-Enterprise, Wagoner Tribune and Tulsa World. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids. The C&I sectors together account for close to 30 percent of greenhouse gas emissions in the U.S.

    He was named Managing Editor for Microgrid Knowledge and EnergyTech starting July 1, 2023

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.

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