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Banks exit net-zero alliance (2025)
| Environmental, social, and corporate governance |
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Three major banks announced over the last several days that they are leaving the Net-Zero Banking Alliance. Morgan Stanley, Citigroup, and Bank of America indicated they would exit the group.
The announcements follow similar actions from Goldman Sachs and Wells Fargo last month. They are part of a broader trend of American financial services corporations leaving global climate change organizations. The announcements in recent months have followed arguments from Republican officials that global climate commitments could violate anti-trust laws.
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Morgan Stanley is leaving the Net-Zero Banking Alliance, the lender said on Thursday. Citigroup Inc. and Bank of America Corp. said earlier this week that they were doing the same. The defections are playing out against a tense political backdrop in the US, as the country’s biggest financial firms find themselves the targets of Republican campaigns that have characterized net zero groups as climate cartels. … Other banks that have recently quit NZBA include Goldman Sachs Group Inc. and Wells Fargo & Co. All said they remain committed to their own net zero emissions goals and to helping clients reduce their carbon footprints.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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