Wall Street banks and asset managers abandon net-zero climate alliances, study finds

A new study by the Committee to Unleash Prosperity shows that Wall Street’s backing of “net zero” climate initiatives has collapsed, with participation plunging nearly 90% in the past four years. All six major US banks—JPMorgan Chase, Bank of America, Goldman Sachs, Citigroup, Morgan Stanley and Wells Fargo—have withdrawn from the Net Zero Banking Alliance, which ceased operating as a membership body in October of last year.

The report also notes that none of the examined banks or asset managers remain in the Net Zero Asset Managers initiative or Climate Action 100+ as of October 2025, and the NZAM group relaunched only as a guidance provider with looser rules. While some firms, such as JPMorgan, continue to display sustainability information, others like Wells Fargo have scrapped sector-specific 2030 financed-emissions targets and its 2050 net-zero goal.

Asset managers Vanguard and BlackRock have also left climate coalitions, citing antitrust settlements and legal inquiries. A handful of banks—Morgan Stanley, Bank of America, Pimco and Citigroup—still belong to the Partnership for Carbon Accounting Financials and Ceres’ Company Network, indicating a partial retreat rather than a complete abandonment of climate policies.