One of the world’s largest international climate bank alliances has paused its activities as members vote to transition the group into a new structure, following the abandonment of the group by a number of major banks in recent months.

The Net-Zero Banking Alliance said Wednesday that members will “vote to decide on a proposed transition from a membership-based alliance to establishing its guidance as a new framework initiative.” 

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The group will pause its work during the voting process, which is expected to conclude at the end of September. The group is proposing an advisory framework. 

“The Steering Group believes this is the most appropriate model to continue supporting banks across the globe to remain resilient and accelerate the real economy transition in line with the Paris Agreement, as well as to continue engagement with the global banking industry to develop further guidance and tools needed to support them and their clients,” NZBA said in a statement.

The alliance was established in April 2021 to bring together global banks and institutions to set climate targets aligned with the goals of the Paris Agreement. 

Since President Donald Trump was elected, banks in the United States have withdrawn from the group due to political pressure from Republicans, who have criticized environmental, social, and governance initiatives. Trump has also withdrawn the U.S. from the Paris Agreement for the second time.

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Goldman Sachs, Wells Fargo, Morgan Stanley, Citigroup, Bank of America, and others have left the NZBA. Environmentalists have raised concerns that these departures conceded to right-wing criticism of ESG. 

“Recognizing there is major opportunity for banks and key stakeholders to build on the Alliance’s outputs and to accelerate action on key priorities, NZBA encourages the banking sector to remain steadfast in implementing their net-zero commitments.” the group said.