From Goldman Sachs to Morgan Stanley, the largest banks in the U.S. announced departures from an international climate group in recent weeks.

The financial sector appears to be getting cold feet about efforts to curb the effects of climate change. Five of the six largest banks in the United States have pulled out of the Net-Zero Banking Alliance (NZBA) since Dec. 6th, according to a recent report by Reuters.

The banking giant's exit from the global Net-Zero Banking Alliance leaves just three smaller U.S. banks in the group. Climate activists called large banks' departures a capitulation to Republicans' climate denialism.

This should surprise no one. And it shows the practical considerations that have always undergirded these sorts of moves.

Then nation's largest bank JPMorgan said Tuesday its leaving the Net Zero Banking Alliance, completing a mass exodus of Wall Street financial giants from the key climate group.