All US Based Major Banks Withdraw From Anti-Oil & Gas Net-Zero Banking Alliance

Texas Attorney General Ken Paxton applauded Bank of America, Morgan Stanley, and JPMorgan for leaving the Net-Zero Banking Alliance (“NZBA”), an anti-oil and gas activist organization that pushes members to advance destructive climate goals regardless of their obligations to consumers and investors.

In October 2023, Attorney General Paxton opened a review of Bank of America, Morgan Stanley, JPMorgan and other financial institutions’ status under Senate Bill 13, a Texas law prohibiting governmental entities from entering into contracts with companies that boycott the oil and gas industries.

These institutions’ previous membership in NZBA suggested that their activities might have required them to be classified as energy boycotters under state law.

Recently, Wells Fargo also terminated its NZBA membership after Paxton strongly urged the bank to do so. At that time, Attorney General Paxton closed his review of Wells Fargo and called on other NZBA members to withdraw.

Now that all major banks based in the United States have withdrawn from NZBA, the reviews of Bank of America, Morgan Stanley, and JP Morgan will also be closed.

“More and more financial institutions are taking a major step in the right direction by leaving the radical and anti-energy Net-Zero Banking Alliance. The NZBA seeks to undermine our vital oil and gas industries, and membership could potentially prevent banks from being able to enter into contracts with Texas governmental entities,” said Paxton. “I am glad that Bank of America, Morgan Stanley, and JPMorgan have terminated their NZBA membership.”

Last month, the House Judiciary Committee, led by Republican Jim Jordan, claimed that financial environmental alliances have created “a climate cartel”.

The NZBA is led by a group of global banks and convened by the United Nations (Deep State centered). The member banks are “committed to aligning their lending, investment and capital markets activities with net-zero greenhouse gas emissions by 2050,” the site said.

It was becoming to many, except mainstream media, that these financial institutions were prioritizing Deep State climate goals over economic interests.

In November, Texas and 10 other states sued major asset managers like BlackRock, Vanguard, and State Street, alleging antitrust violations tied to climate activism.

These lawsuits argued that such actions limited fossil fuel financing, reduced coal production, and raised energy prices. This political climate has pressured banks to distance themselves from alliances perceived as restrictive or politically charged.

Founded in 2021, the UN-convened NZBA requires members to commit to “transition the operational and attributable greenhouse gas (GHG) emissions from their lending and investment portfolios to align with pathways to net-zero by 2050 or sooner”.

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