Wall Street bails on climate change coalition after Republican pressure

The financial sector appears to be getting cold feet about efforts to curb the effects of climate change. Five of the six largest banks in the United States have pulled out of the Net-Zero Banking Alliance (NZBA) since Dec. 6th, according to a recent report by Reuters.

The first bank to do so was Goldman Sachs, which exactly one month ago announced it was leaving the NZBA because their institution had supposedly “made significant progress in recent years on the firm's net zero goals and we look forward to making further progress.” They were swiftly followed by Wells Fargo, Citi, Bank of America and Morgan Stanley. Only JPMorgan remains among the Big Six U.S. banks.