An exodus of US lenders from a leading international climate coalition has intensified after JPMorgan Chase became the latest Wall Street player to leave the Net Zero Banking Alliance.
The move by America’s biggest bank comes after five other leading lenders, including Goldman Sachs, Morgan Stanley, and Citigroup, withdrew from the climate group in recent weeks.
The spate of exits deals a blow to efforts by Mark Carney, the former Bank of England governor who is now weighing a bid to become Canada’s next prime minister, to push the financial industry to do more to cut greenhouse gas emissions. This is because the coalition is part of the Glasgow Financial Alliance for Net Zero (Gfanz), a broader initiative unveiled by Carney in 2021 in the run-up to the Cop26 climate conference.
Gee what a coincidence! American firm employing Mark Carney’s wife receives huge contracts from Government of Canada
