SAN FRANCISCO, Feb. 28 -- Today, Wells Fargo became the first major US bank to announce it will abandon its commitment to achieve net-zero financed emissions by 2050. The bank also rescinded its interim 2030 emissions targets for specific sectors, which included power generation, oil and gas, auto manufacturing, steel, and others.

The bank cited a lack of conditions necessary to help its clients decarbonize faster, including public policy, consumer behavior, and technology changes. Although not referenced directly in the bank's statement, sustainable finance has faced significant challenges as the Trump Administration continues broad attacks on corporate climate policies.

The announcement comes soon after all six major US banks, includ...