As Donald Trump returns to the White House, JPMorgan Chase has followed a host of other US banks in quitting the Net-Zero Banking Alliance.
JPMorgan's exit comes shortly after Bank of America, Citi, Goldman Sachs, Morgan Stanley and Wells Fargo pulled out of the global climate-focused alliance.
US lenders are leaving the NZBA amid increasing attacks from Republicans on "woke" capitalism ahead of Trump's return to the presidency, reports Bloomberg.
Last month, the House Judiciary Committee, led by Republican Jim Jordan, claimed that financial environmental alliances have created "a climate cartel".
Founded in 2021, the UN-convened NZBA requires members to commit to "transition the operational and attributable greenhouse gas (GHG) emissions from their lending and investment portfolios to align with pathways to net-zero by 2050 or sooner".
According to its website, it currently has 141 members from 44 countries, including European giants such as Banco Santander, Barclays, Deutsche Bank and HSBC. However, there are no just three US members - Amalgamated Bank, Areti Bank and Climate First Bank.
"We will continue to work independently to advance the interests of our Firm, our shareholders and our clients and remain focused on pragmatic solutions to help further low-carbon technologies while advancing energy security," says a JPMorgan statement.