The banking giant's exit from the global Net-Zero Banking Alliance leaves just three smaller U.S. banks in the group. Climate activists called large banks' departures a capitulation to Republicans' climate denialism.

From Goldman Sachs to Morgan Stanley, the largest banks in the U.S. announced departures from an international climate group in recent weeks.

JPMORGAN Chase just became the last of Wall Street’s biggest banks to abandon the industry’s largest climate-finance alliance. Read more at The Business Times.

This should surprise no one. And it shows the practical considerations that have always undergirded these sorts of moves.

Texas Attorney General Ken Paxton dropped his threat to cut off big US banks from municipal-bond deals after a slew of Wall Street firms exited a controversial climate-finance alliance.

The end of the year saw five of the six largest U.S. banks leave the Net-Zero Banking Alliance, as conservative pressures discouraged their climate change policies.