“Anti-Woke” Crusade Claims its Biggest Corporate Prize Yet: The NZBA

The “anti-woke” crusade has claimed its biggest corporate prize to date with the complete shutdown of the Net Zero Banking Alliance (NZBA). The global banking group, a prime target for its environmental focus, has been forced to disband after a successful campaign of political pressure drove away its most powerful members.
This crusade gained significant power and influence following the re-election of Donald Trump. His administration’s rhetoric against environmental, social, and governance (ESG) investing gave political cover to a movement that sought to punish corporations for engaging in what they termed “woke capitalism.” The NZBA stood as a prominent symbol of this trend.
The first to bow to the pressure were the six giants of the US financial system. In a move to appease right-wing critics and avoid becoming embroiled in the culture war, JPMorgan Chase, Bank of America, and others all quit the alliance. This was a decisive victory for the anti-ESG movement.
The victory had a global ripple effect, leading to the alliance’s total collapse. With the American banks gone, the NZBA lost its core strength, prompting a wave of departures from international members, including, most recently, Britain’s HSBC and Barclays.
While this marks a major success for the “anti-woke” movement, it has alarmed climate advocates. They see the NZBA’s demise as a chilling example of how political intimidation can derail crucial climate action. It also strengthens their conviction that corporate pledges are an unreliable mechanism for change, reinforcing their calls for climate policy to be codified in law, insulating it from such political crusades.