And Then There Were NONE! JPMorgan becomes last of the Big-6 U.S. banks to quit Net-Zero Banking Alliance

From CLIMATE DEPOT

By Marc Morano

https://www.reuters.com/business/environment/jpmorgan-says-leave-net-zero-banking-alliance-2025-01-07

By Simon Jessop

  • Last of the Big-6 U.S. banks to leave the group
  • Says remains ‘focused on pragmatic’ climate solutions
  • Exit comes amid rising U.S. political pressure

LONDON, Jan 7 (Reuters) – JPMorgan (JPM.N), opens new tab said on Tuesday it was leaving the Net-Zero Banking Alliance, the latest U.S. lender to quit the sector’s biggest climate coalition amid rising U.S. political pressure.

The move means the six biggest banks in the world’s largest economy – Goldman Sachs (GS.N), opens new tab, Wells Fargo (WFC.N), opens new tab, Citi (C.N), opens new tab, Bank of America (BAC.N), opens new tab, Morgan Stanley (MS.N), opens new tab and now JPMorgan – have all left the group in the space of a month.

JPMorgan gave no clear reason for leaving the initiative, yet it comes after months of pressure from some Republican politicians who said membership of such coalitions could breach anti-trust rules.

“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,” a company spokesperson said in a statement.

“We will also continue to support the banking and investment needs of our clients who are engaged in energy transition and in decarbonizing different sectors of the economy.”

Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.

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Scissor
January 8, 2025 2:10 pm

That could mean there’s not enough money in it, or they’ve already taken it all, and it’s gone.

January 8, 2025 2:11 pm

What took you so long?

CFM
Reply to  John Aqua
January 9, 2025 12:21 am

Or, it could mean that all along “net-zero” was a smoke screen to hide other collusive activities,

Reply to  CFM
January 9, 2025 4:35 am
January 8, 2025 2:12 pm

“We will…remain focused on pragmatic solutions to help further low-carbon technologies…”

No. If you mention “low-carbon” at all out of concern for trends of any climate metric, or for energy security, your thinking is not “pragmatic” in the least.

Reply to  David Dibbell
January 8, 2025 3:27 pm

You’re focusing on the words. Focus on the actions. The ‘low-carbon’ words sound like meaningless platitudes, especially when placed right next to ‘energy security’.

I think they know exactly what they’re doing.

Reply to  Zig Zag Wanderer
January 8, 2025 6:24 pm

They don’t want to be accused of being deniers.

January 8, 2025 2:14 pm

With Trump as President, Net-Zero banking is just stupidity !

Reply to  bnice2000
January 9, 2025 2:03 am

With Trump as President, Net-Zero banking is just stupidity !

Corrigenda
Reply to  Redge
January 9, 2025 5:59 am

Net Zero has long ago been discounted by Princeton and Harvard and others as an unscientific concept. At last we might see progress on stopping any government paying for it.

Sparta Nova 4
Reply to  Corrigenda
January 9, 2025 9:39 am

Princeton? Harvard? Be still my racing heart. Woke institutions got something right? Be still my racing heart.

January 8, 2025 2:15 pm

Well known metaphor:

 “When you find yourself in a hole, stop digging” 

Edward Katz
January 8, 2025 2:24 pm

It’s about time JP Morgan joined the procession that’s been abandoning the climate change scam since it, like the other financial institutions, is entrusted to grow their clients’ investments, not to support fashionable social causes with few chances to succeed. The more financial support that’s withdrawn from fighting the mythological climate crisis, the less likely taxpayers’ money will be thrown at it. In addition, those same taxpayers won’t be forced to pay higher living costs to prop up green initiatives and mandates that benefit only those that stand to profit from them and have a negligible effect on the weather, climate or environment in general.

Groggy Sailor
January 8, 2025 2:25 pm

There’s a difference between low carbon energy and the ridiculous net zero policies.

If low carbon energy solutions can be provided that are reliable, affordable, and provide a competitive rate of return then all the better.

Reply to  Groggy Sailor
January 8, 2025 3:09 pm

“If low carbon energy solutions can be provided that are reliable, affordable, and provide a competitive rate of return then all the better.”

No need for the “low carbon” part.

Atmospheric CO2 is currently on the low end for plant requirements.

gezza1298
Reply to  Groggy Sailor
January 8, 2025 3:42 pm

Hydro, nuclear and geothermal and that’s it.

Sparta Nova 4
Reply to  gezza1298
January 9, 2025 9:41 am

Those are the only low-carbon energy sources available, yes.

Low CO2 emissions is one thing. Low-carbon emissions is a totally different thing.

Groggy Sailor
Reply to  gezza1298
January 9, 2025 4:30 pm

Don’t forget Dilithium Crystals, they work every time they’re used. 🤔

Sparta Nova 4
Reply to  Groggy Sailor
January 10, 2025 11:48 am

But they periodically need to be recharged with a fission nuclear reactor!

On the technical side, Dilithium Crystals did not generate the energy, they funneled/focused it. Energy source was a matter – anti matter reactor.

Rud Istvan
January 8, 2025 2:28 pm

Two pragmatic reasons.

  1. As others who left before have said, there is no money in it.
  2. Read last week that Trump planned to sue the Net Zero Banking Alliance on anti-trust grounds. Best get out of Dodge before Jan 20.
Reply to  Rud Istvan
January 8, 2025 3:49 pm

The NZBA was organised by the UN. The first step is to defund the UN and then deport all non USA citizens, who leave the UN building grounds in New York.

Reply to  RickWill
January 8, 2025 5:18 pm

Pres. Trump will certainly stop “donations” to the UNFCCC, the UN COP and the
IPCC. He will not send a delegation to COP30.

Reply to  Rud Istvan
January 9, 2025 2:06 am

Can former members of the NZBA be sued for past investments as climate worriers try to sue the oil companies for past “misdemeanours”?

Sparta Nova 4
Reply to  Redge
January 9, 2025 9:41 am

That would certainly make the plot thicken.

January 8, 2025 2:28 pm

In other news from a small island off the coast of Europe:

  • Telford
  • Rochdale
  • Bristol
  • Derby
  • Aylesbury
  • Oldham
  • Bradford
  • Peterborough
  • Coventry
  • Middlesbrough
  • Newcastle
  • Ramsgate

Bury the rag deep in your face
Now is the time for your tears.

KevinM
Reply to  michel
January 8, 2025 2:50 pm

Please explain
Google finds a Dylan song about racism in USA. I don’t understand how it relates to a list of UK cities.

Mr.
Reply to  KevinM
January 8, 2025 3:14 pm

It’s about the 25-year colluding of UK police forces, politicians, bureaucrats to shelter gangs of rapist, pedophile muslim “men” from arrest, prosecution, deportation, imprisonment.

Reply to  Mr.
January 9, 2025 12:49 am

It’s the issue Sir Keir Starmer was given a Knighthood for by the Conservative Party, despite the fact he was so very much not a Conservative that he now leads the Labour Party.

Sir Keir was the lawyer who led the campaign to get them convicted and changed the rules so as ‘community cohesion’ was no reason to not forward prosecutions.

Of course, a very rich friend of Ghislaine Maxwell, who married a teenage girl when she finally turned 18 (while in his 50s), has tweeted that Sir Keir didn’t do enough. We understand why he might want to sound so very self-righteous. Some people need to pretend to be whiter-than-white.

Back to UK politics. There has been a an inquiry into these paedophile rape gangs. It came to the conclusion that most rape gangs were actually white men, because the inquiry looked at the evidence.
And it had several recommendations that the previous government ignored. The new Labour government is implementing them.

But the Conservatives, now in opposition, still want to delay taking action in order to have another inquiry… that may turn attention onto some specific ethnic communities and thus away from rich, white rapists. Not sure why, but it may have something to do with the rich, white friend of Ghislaine Maxwell offering lots of money for fig leaves.

In other words, it’s a rerun of the QAnon conspiracy. but in the UK. It plays well with the gullible but harms the real victims, the abused.

Reply to  MCourtney
January 9, 2025 2:11 am

Sir Keir was the lawyer who led the campaign to get them convicted and changed the rules so as ‘community cohesion’ was no reason to not forward prosecutions.

If that’s the case, why is Starmer refusing a public enquiry – surely it would boost his flagging popularity.

Reply to  MCourtney
January 9, 2025 3:51 am

There has been an inquiry into these paedophile rape gangs.

That is correct.

The summary report of that wide ranging enquiry from the team headed by Alexis Jay was unfortunately issued on the same day Liz Truss resigned back in October 2022, so got overshadowed by events.

It can be downloaded from the following link :
https://www.iicsa.org.uk/reports-recommendations/publications/inquiry/final-report.html

From the first paragraph of the Executive Summary, on page 1 :

It draws on the Inquiry’s 15 investigations and 19 related investigation reports, the Interim Report of the Independent Inquiry into Child Sexual Abuse and 41 other Inquiry reports and publications.

One of the conclusions from the specific “rape gangs” report is given on page 138 :

Data relating to the ethnicity of perpetrators are also lacking. In the Inquiry’s Child Sexual Exploitation by Organised Networks Investigation Report, the six case study areas also failed to properly record the ethnicity of perpetrators:

“Many of the high-profile child sexual exploitation prosecutions have involved groups of men from minority ethnic communities. This has led to polarised debate about whether there is any link between ethnicity and child sexual exploitation networks. Poor or non‐existent data collection makes it impossible to know whether any particular ethnic group is over-represented as perpetrators of child sexual exploitation by networks.

That specific “related investigation report” was released in February 2022, and can be downloaded from the following link :
https://www.iicsa.org.uk/reports-recommendations/publications/investigation/cs-organised-networks

From the Executive Summary of the full report, on page 6 :

None of the areas examined kept data on the ethnicity of victims and alleged perpetrators. The inclusion of ethnicity in problem profiles would enhance the effectiveness of prevention and detection by the police. Likewise, the local authorities and others would not automatically tailor their services to all victims in a culturally sensitive way. Many of the high-profile child sexual exploitation prosecutions have involved groups of men from minority ethnic communities. This has led to polarised debate about whether there is any link between ethnicity and child sexual exploitation networks. Poor or non-existent data collection makes it impossible to know whether any particular ethnic group is over‐represented as perpetrators of child sexual exploitation by networks.

.

You make the bald assertion that the enquiry

… came to the conclusion that most rape gangs were actually white men, because the inquiry looked at the evidence.

Where did you get that from ? Somebody’s Facebook page ?

NB : None of the report files available from the above links contain either of the character strings “white men” or “rape gangs”.

Reply to  Mark BLR
January 9, 2025 5:06 am

Poor or non‐existent data collection” Very convenient that, isn’t it.

And, of course, we are still waiting for the actual report commissioned by Sajid Javid to be published rather than the ‘expert interpretation’ of it that we were fobbed off with.

Reply to  MCourtney
January 9, 2025 4:56 am

Gullible? Do you have any mirrors in your house?

Reply to  MCourtney
January 9, 2025 7:46 am

It came to the conclusion that most rape gangs were actually white men

Even so, why is nothing being done – i.e. finding and arresting them? If they know this (not addressing other’s comments) then they must at least have SOME information on the perpetrators?

want to delay taking action

Are they prohibiting local police from acting? That’s the part I’m not understanding.

Reply to  michel
January 8, 2025 3:09 pm

Add Luton to that list.

gezza1298
Reply to  michel
January 8, 2025 3:43 pm

There are more than that.

January 8, 2025 2:39 pm

There are signs that sanity is returning..

(from 42:50 to 48:00)

dk_
January 8, 2025 2:47 pm

JP Morgan, like the other late depatures, can’t afford the upcoming scrutiny from the SEC and DOJ for their roles in Climate Action +100, of which they are still listed as contributors. There will be investigations into unfair trade practices, insider trading, and monopolistic behavior that could well spread into finance, energy, and National governments world wide, nor ro mwnrion influence peddling in at least three U.S. presidential administrations.
Stock tip: there’ll be a boom in document shredders and replacement IT storage devices.

Reply to  dk_
January 8, 2025 3:12 pm

nor ro mwnrion” ?????

Reply to  dk_
January 8, 2025 4:49 pm

I googled “nor ro mwnrion”. It came back as asking if I meant ‘not to mention’.

Reply to  DonM
January 8, 2025 6:48 pm

Makes sense from the positions on the keyboard too.

All the wrong letters are next to the correct ones

Reply to  bnice2000
January 9, 2025 2:14 am

Eric Morecambe (at the piano): “I’m playing all the right notes, not necessarily in the right order”.

January 8, 2025 3:24 pm

NetZ seemed like a good sales pitch for a while, but the back room number crunchers finally got around to figuring out how much their investments were going to be devalued. Oops…

BILLYT
Reply to  DMacKenzie
January 8, 2025 3:43 pm

The success of NetZ evaporates when energy prices return to normal even with subsidies as a support.
It never looks good to be the group that is deepest in the trough.

January 8, 2025 3:38 pm

Just more justification for Trump to defund the UN. This corrupt organisation has been working against national interests for most of its existence.

January 8, 2025 3:42 pm

Who is left in the group?

What institutional relationships do the managers (of the remaining group) have in common?

What institutions in that common grouping are associated with … ?China?

January 8, 2025 3:54 pm

Nothing presented here says the bank(s) have changed their practice or their focus. They have (possibly) just left the organization that is under scrutiny.

Tom Halla
January 8, 2025 4:22 pm

Unless the Administration is covering for you, adherence to Net Zero is a clear violation of the banks fiduciary duties to both shareholders and depositors.

Sparta Nova 4
Reply to  Tom Halla
January 9, 2025 9:49 am

There are financial organizations that are not fiduciaries.
I do not know if any of these fall into that category.

January 8, 2025 6:43 pm

Story Tipp

A Small Victory…: Mann vs Steyn :: SteynOnline

Between last night and today, the current DC Superior Court judge has made two orders:

The first, denied Mann’s motion seeking attorney fees from Mark.

The second, ordered Mann to pay $530,820.21 in attorney fees and costs to National Review!

Reply to  bnice2000
January 8, 2025 10:09 pm

Funny, that wasn’t reported in the MSM.

Sparta Nova 4
Reply to  Retired_Engineer_Jim
January 9, 2025 9:49 am

Why would you think MSM would report it?

Sparta Nova 4
Reply to  bnice2000
January 9, 2025 9:57 am

https://www.climatedepot.com/2025/01/07/update-mann-vs-steyn-a-small-victory-dc-superior-court-judge-denied-manns-motion-seeking-attorney-fees-from-steyn-ordered-mann-to-pay-530820-21-in-attorney-fees-costs-to-nati/

There are still several outstanding post-trial motions that await a decision from the judge including Mark’s motion to reduce the unconstitutional punitive jury award of 1 million, a motion for a new trial based on Mann’s presentation of false data to the jury, and a motion for sanctions related to that false evidence.

Frederick Michael
January 8, 2025 9:32 pm

Okay folks this is getting a little weird. The left is unraveling faster then I can keep up.

The JP Morgan news isn’t the only big news of THIS WEEK. We’ve also got Mark Zuckerberg, McDonalds, Trudeau, and the empty fire hydrants in LA.

I wonder if Thursday and Friday will have anything to add.

Golly.

Sparta Nova 4
Reply to  Frederick Michael
January 9, 2025 9:50 am

More cold and snow in the DC area.
Seems we are well below average temps here. We can thank global warming?

Sparta Nova 4
January 9, 2025 9:59 am

Blackrock, also.

https://www.climatedepot.com/2025/01/07/report-in-a-stunning-reversal-blackrock-is-considering-exiting-the-so-called-net-zero-alliance-the-un-sponsored-coalition-of-top-corporations-who-pledge-to-reach-zero-carbon-emissions-by-2050/

In a stunning reversal, BlackRock is considering exiting the so-called ‘Net Zero Alliance,’ the UN sponsored coalition of top corporations who pledge to reach zero-carbon emissions by 2050