JPMorgan Chase Exits UN Net-Zero Banking Alliance

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JPMorgan Chase Exits UN Net-Zero Banking Alliance
Jpmorgan ChaseNet-Zero Banking AllianceFinancial Institutions
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JPMorgan Chase, the largest bank in the US, has followed several other major financial institutions in withdrawing from the UN Net-Zero Banking Alliance (NZBA). The NZBA aimed to align banking activities with net-zero greenhouse gas emissions by 2050. The move comes amidst criticism that the alliance's focus on 'clean' energy investments has driven up energy prices and harmed traditional industries.

JPMorgan Chase, the biggest bank in the United States, announced it is abandoning the U.N.

For example, Biden’s Treasury Department issued nine “Principles for Net-Zero Financing & Investment” last year to help banks coordinate investment in clean energy projects while denying it to fossil fuel sources.

To maintain living standards in the U.S. with zero emissions by 2050, the country would have to install more than 1,000 wind turbines every day, or one nuclear power plant. The U.S. builds just 3,000 wind turbines a year.

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