By Ariel Zilber
Excerpt: Wall Street’s support of “net zero” climate initiatives has collapsed as major US banks and money managers have bolted from do-gooder environmental coalitions, according to a report.
All six major US banks — JPMorgan Chase, Bank of America, Goldman Sachs, Citigroup, Morgan Stanley and Wells Fargo — have quit the Net Zero Banking Alliance, according to the new study from the Committee to Unleash Prosperity.
The exodus helped cripple the once-powerful group, which had 140 member banks representing $75.5 trillion in combined assets as recently as November 2024.
The alliance ended operations as a membership organization in October of last year and now provides voluntary climate guidelines, the report noted.
Overall, banks’ support of “net zero” causes plunged nearly 90% over the past four years, according to the Committee to Unleash Prosperity.
“There’s been a vibe shift in the culture,” Jerry Bowyer, CEO of Bowyer Research and an author of the report, told The Post.
Bowyer — whose firm advises companies on corporate and Environmental, Social, and Governance and policies — said some financial institutions may not have fully appreciated the commitments they were making when they joined the climate groups.
