One of the largest international green banking alliances has moved to cease operations months after shedding many of its major members in the United States, the United Kingdom, and Canada. 

The Net-Zero Banking Alliance, established in April 2021, confirmed on Friday that the remaining members of the group voted to abandon its traditional format and establish its climate change-related guidance as a framework. 

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“As a result of this decision, NZBA will cease operations immediately,” a spokesperson for the group said in a statement. 

While the member-based alliance is dissolving, the group confirmed that its resources developed over the last four years to help banks and investment firms set decarbonization targets will remain available to the public. 

Individual firms across the globe will still be able to access this information to develop their own net-zero targets. 

When operational, the United Nations-backed coalition required members to commit to an energy transition in their portfolios and operations, putting them on a path to net zero. This meant members were committed to removing as much carbon pollution from the atmosphere as they emit by 2050 or sooner. Members are also required to align their financing with the intention of limiting global warming to 1.5 degrees Celsius above preindustrial levels.

The decision came just over one month after the group said it would be pausing its activities to allow members to vote on the transition from a membership-based alliance to the now-approved framework initiative. 

The group’s shift has largely been driven by the slew of departures among its members in the last year, as many banks and financial institutions have faced increasing political pressure from Republicans to walk back green and climate change-related priorities. 

The mass exodus began late last year, after President Donald Trump was elected to a second term. Trump has repeatedly encouraged European allies to abandon green goals while pushing for increased investment in fossil fuels. 

Goldman Sachs, Wells Fargo, Morgan Stanley, Citigroup, Bank of America, and BlackRock are among the many financial firms that have decided to leave the NZBA in the last 12 months. 

Environmentalists have warned that their departures were evidence that Wall Street was ceding to right-wing criticism of environmental, social, and governance and net-zero priorities. 

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“It’s bitterly disappointing to see the biggest banks in the world vote to step away from accountability around their commitments to prevent the worst effects of global heating,” Jeanne Martin, co-director of corporate engagement at nonprofit group ShareAction, told Reuters. 

However, several of these same banks that abandoned the international climate group have also seen a decline in their financing for oil, gas, and coal projects within the last year. As a result, some analysts say this indicates that most major banks are still interested in hitting net-zero goals but may be more inclined to keep it under the radar in the current political climate.