The Net-Zero Banking Alliance has closed after four years following a vote by its members.

The move comes after a string of banks and investment houses have left the alliance over the past few years. These included JPMorgan Chase, Citigroup, Bank of America, Morgan Stanley, HSBC and Barclays. Political pressure from the US against climate action also played a role in the decision.

In a statement, the group said, “As a result of this decision, NZBA will cease operations immediately.”

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