Banks try quiet quitting on net zero

By Alastair Marsh

14 Oct 2022 · 3 min read

Several of the world's largest banks are backtracking from their net zero commitments. Discover the latest from Bloomberg.

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For some bankers, net-zero is like a new year’s resolution—a pledge one makes and often breaks before a year has passed.

Several of the largest banks, including JPMorgan, Bank of America, and Morgan Stanley, headed into the 2021 United Nations Climate Change Conference (COP26) as members of the world’s biggest zero-carbon finance club. Their membership in the Glasgow Financial Alliance for Net Zero (GFANZ), a group of roughly 500 financial sector entities, publicly committed their banks to reach net-zero carbon emissions by midcentury.

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