On Jan. 7, JPMorgan Chase & Co. confirmed in a statement its departure from the United Nations-backed alliance.

The New York-based financial services company is the latest major financial institution to leave the Net-Zero Banking Alliance. The group is affiliated with the U.N. Environment Programme Finance Initiative.

Net zero is a term for the practice of balancing greenhouse gas emissions with the amount taken out of the atmosphere.

On its website, JPMorgan outlines its own net-zero strategy. The company said its plan is focused on aligning “key sectors” of its financing portfolio with “net zero emissions outcomes.”

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The statement came less than a week after Morgan Stanley announced it would leave the same climate pledge. On Dec. 31, 2024, Citigroup Inc. and Bank of America Corp. said they were quitting the alliance. Those exits followed the December 2024 exit of Wells Fargo & Co. and The Goldman Sachs Group Inc.

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