Wall Streets net zero climate push collapses as US banks flee do-gooder alliances: report

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.“I don’t think it was made entirely clear to them what they were signing up for,” Bowyer said.Some companies later concluded “that some of the claims from the climate groups were more disputable,” he added, while surging electricity needs from artificial intelligence and data centers underscored continued demand for fossil fuels.“In the end, the laws of physics and chemistry win,” Bowyer said.

“And that’s what we’re seeing right now: the triumph of reality.”The report examined the climate affiliations of major US banks and asset managers that collectively oversee more than $40 trillion in assets and accounts under management.It found that none of the major institutions it examined remained a member of the Net Zero Banking Allian...