The exodus has been triggered essentially by concerns roiling financial institutions in the US and, to a lesser degree, G7 nations over climate commitments, charges of greenwashing, potential antitrust suits and fears of a political backlash. These concerns are not unfounded with legal challenges, particularly in the US, slam-dunking financial institutions over many of these issues in the recent past. Contributing to the anxiety is the impending MAGA-driven political shift in the US which many fear could unleash a strong pushback against ESG initiatives. Says Shantanu Srivastava, Research Lead, Sustainable Finance & Climate Risk, IEEFA, "Banks are stepping away from net-zero alliances, partly due to fears of Trump’s return and potential penalties for climate commitments. However, this is also a convenient excuse to regain flexibility in setting their own targets without external scrutiny."