The Net-Zero Banking Alliance (NZBA) said in August 2025 that it was pausing operations and initiating a vote to decide on whether to continue working as a membership-based alliance or operate as a framework initiative…The move by the NZBA to suspend activities comes after numerous banks from the U.S. and Europe left the alliance. Those banks said that being part of such an organization was no longer necessary and that their business practices now incorporated the ESG principles learned over the past five years…Shortly after President Trump’s electoral win, major banks including JPMorgan, Citi and Morgan Stanley exited the alliance that they had proudly been a member of for years. The departure of the banks came as many faced strong pressure from the Trump administration and Republican attorneys generals to oppose climate groups and ESG investing more generally…

A sister organization, the Net Zero Asset Managers initiative was also set up, with a similar remit but instead focused on the activities of asset managers. It suspended activities in January 2025 after a wave of departures from the likes of BlackRock and Vanguard…. BlackRock, State Street and Vanguard were sued in November2024 by Texas Attorney General Ken Paxton, who alleged that the asset managers were violating antitrust law by being part of alliances like the NZAM initiative, which worked to move investments away from fossil fuels, especially coal. Paxton said this raised energy costs for consumers by not providing the full remit of energy sources.

In August 2025, a federal-district court judge denied the asset manager’s motion to dismiss the case, allowing litigation to continue under Texas and federal antitrust laws. “Today’s victory represents a major step in holding them accountable. I will continue fighting to protect Texas and defend America’s energy independence from this unlawful conspiracy,” Paxton said…

Excerpt from Yusuf Khan,, Net-Zero Banking Alliance Suspends Activities Amid Wave of Departures, WSJ, Aug. 27, 2025