The exits from the voluntary Net-Zero Banking Alliance (NZBA) — all announced within a little over a month — are “not unexpected”, says Eric Lim, chief sustainability officer (CSO) at United Overseas Bank (SGX:U11
) (UOB).
Industry sentiment has shifted ahead of Donald Trump’s second term, and American corporate giants are abandoning hard-won climate pledges amid mounting pressure from Republican lawmakers.
The US’s six biggest banks — Goldman Sachs, Morgan Stanley, JPMorgan Chase & Co, Wells Fargo & Co, Citigroup and Bank of America — have pulled out of the world’s top climate alliance for the sector in rapid succession, potentially jeopardising their net-zero goals.
