Wall Street Exit Culminates in Climate Group Halting Activities

The world’s biggest climate alliance for banks suspended its activities and proposed a vote on scrapping its current structure after a wave of exits that started on Wall Street grew into a global exodus.

The Net-Zero Banking Alliance, which has been virtually wiped off the North American map and is now starting to lose ground in Japan, Australia and Europe, is asking remaining signatories to decide whether the group should continue to exist as a membership-based organization, according to a statement on Wednesday.

The announcement comes four years after the group’s founding members, which included the world’s biggest banks, ...