The Net-Zero Banking Alliance, a UN-backed initiative seeking carbon neutral investments by banks, announced Friday its immediate shutdown — at a time of faltering climate commitments in the United States and Europe.

Launched in 2021 under the UN Environment Programme’s Finance Initiative, the NZBA aimed to get banks to slash the carbon footprint of their loans and investments, and help drive the transition to a net-zero economy by 2050.

At its peak, the group counted nearly 150 members.

But the alliance had been losing members since late last year, after Donald Trump won the US presidential election with his “drill, baby, drill” mantra promoting oil and gas production.

The NZBA had paused its activities in late August while waiting for the result of a vote by its members.

“Members of

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