The financial world is at a crossroads. The Net Zero Banking Alliance (NZBA) – once heralded as a landmark commitment by the world’s leading banks to align lending and investment portfolios with climate goals — now faces an existential crisis. Much of the unravelling began on Wall Street. After Donald Trump’s election victory in November 2024, secured under the rallying cry of “drill baby drill”, U.S. banks moved quickly to distance themselves from the group. Goldman Sachs was the first to exit. By January 2025, JP Morgan became the last major Wall Street institution to leave, cementing a total withdrawal that also included Citi, Bank of America, Morgan Stanley, and Wells Fargo.

So where does this leave the global push for net zero, sustainability, regenerative agriculture, and ESG goals?

For agriculture and fresh food, the implications are stark:

• Funding uncertainty: Many sustainability projects – from regenerative farming initiatives to carbon-neutral supply chains – depend on financial backing. With banks pulling out of climate commitments, access to capital may tighten.
• Policy vs. profit: If finance pivots back toward fossil fuel expansion, farming and fresh produce businesses risk being sidelined unless sustainability is clearly tied to profitability.
• Leadership vacuum: With Wall Street retreating, the momentum may shift to Europe, Asia, and forward-looking private investors who remain committed to ESG-linked growth.
• Opportunity for the sector: Agriculture has a chance to step forward with its own evidence-led solutions – proving that regenerative practices and sustainable supply chains are not just good for the planet but vital for long-term profitability.

The Future: Drill Baby Drill or Grow Baby Grow?

The “drill baby drill” mantra may dominate U.S. politics and banking headlines, but it doesn’t erase the reality of climate change, shifting consumer expectations, and supply chain risks. The fresh produce and fresh food sectors cannot afford to wait for banks to make up their minds.

Instead, expect to see:

• Greater emphasis on alternative financing models (impact investors, green bonds, cooperative funding).
• Retailers and consumers driving sustainability demands, forcing producers to adapt or be left behind.
• Agricultural innovators using this moment to prove commercial value in regenerative, net-zero aligned systems.

The NZBA’s turmoil signals turbulence, not the end of the journey. For agriculture and fresh food, the challenge – and opportunity – is to show that the path to net zero is not a political fad, but a commercial imperative.

Looking Ahead – World Agri-Tech Innovation Summit

This debate will surely be a key talking point at the upcoming World Agri-Tech Innovation Summit in London this September – an event where global leaders in farming, food, and finance gather to map out the future.

We’re proud to share that Beanstalk Global has been invited to participate, delivering key video interviews and selected event photography to capture the conversations that matter most.

Read more about our role at the summit here: Beanstalk Global at the World Agri-Tech Innovation Summit

The stakes are clear: Will agriculture follow “drill baby drill” – or lead with “grow baby grow”?