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

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.

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.