When Saving the Planet Became Too Much Paperwork for Wall Street

 

The Dream That Died 💭

Back in 2021, when the Net Zero Banking Alliance (NZBA) launched, it sounded like a Marvel movie for finance. Big banks promised to save the world from climate disaster, not with capes, but with loans and investment choices.

Fast-forward a few years, and the credits are rolling on what’s starting to look like one of Wall Street’s shortest spin-offs.

The Great Bank Exit

First, Goldman Sachs slipped out quietly. Then Wells Fargo, JPMorgan, Bank of America, and several Canadian giants followed.

Their official reasoning? Legal risks.

Translation: “We’d love to save the planet, but not if it means angry shareholders and lawsuits.”

U.S. Republicans started calling the NZBA a “climate cartel”, and suddenly, banks decided saving polar bears wasn’t worth the political headache.

By mid-2025, even European heavyweights like HSBC, UBS, and Barclays tapped out. Barclays basically admitted: “What’s the point of an alliance if there’s no one left to ally with?”

 From Alliance to Vibes

With the exodus almost complete, the NZBA has proposed a rebrand:

  • Then: strict alliance → rules, accountability, measurable targets.

  • Now: “framework initiative” → guidelines, suggestions, good vibes only.

It’s the corporate equivalent of saying: “We’re not breaking up, we’re just… seeing other people.”

Déjà Vu in Climate Finance

The NZBA isn’t the only casualty.

  • The Net-Zero Insurance Alliance already disbanded.

  • The Net-Zero Asset Managers initiative hit pause earlier this year.

  • Other coalitions are quietly ghosting too, like coworkers who “forget” the Zoom password.

The grand “finance will lead the green revolution” narrative is turning into: “finance will lead… but only to the bar.” 🍸

Why This Matters

Banks hold the keys to trillions of dollars in investments. If they won’t commit to cutting financing for coal, oil, and gas, the transition to clean energy slows down dramatically.

Climate science is clear: to hit net zero by 2050, fossil fuel financing has to drop. Instead, many banks are still lending billions to oil and gas companies while quietly walking away from climate pledges.

Climate finance alliances are vanishing faster than free snacks in a corporate office kitchen.

The irony? Climate change won’t “pause” just because Wall Street did.

So while banks are rebranding, reshuffling, and retreating, the planet keeps heating.

If the world was counting on bankers to stop global warming, it might be time to start investing in air conditioners, solar panels, and maybe an inflatable ark.

Anna Turnfi

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