NZBA Closes After Mass Exodus of Major Banks
The Net Zero Banking Alliance (NZBA) is set to close its doors following a mass exodus of major banks. The departure of US banks, led by Morgan Stanley, was swiftly followed by British banks HSBC and Barclays.
The NZBA's decline began in late 2024 when Wall Street banks started leaving the alliance after President Donald Trump's re-election. Trump's anti-ESG 'drill baby drill' campaign resonated with these banks, leading to their withdrawal. Goldman Sachs was the first to announce its exit, with JP Morgan following suit by January.
The domino effect spread to Canada, with the Royal Bank of Canada, Bank of Montreal, and Toronto-Dominion Bank all departing by the end of January. Barclays cited the dwindling membership as a reason for their departure in August, while HSBC left in July. Morgan Stanley was the last major bank to leave before the British banks, marking the beginning of the end for the NZBA.
The NZBA, established to promote net-zero emissions, will now cease operations immediately due to the loss of its membership. It will transition to a guidance framework, reflecting the global banking sector's shift away from ESG policies.
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