U.S. Banks Exit Net-Zero Banking Alliance Amid Shift in Climate Stance
Citigroup and Bank of America have announced their exit from the Net-Zero Banking Alliance (NZBA), a group of global banks that have pledged to curb greenhouse gas emissions. This decision follows similar moves by Wells Fargo and Goldman Sachs earlier this month.
Financial institutions, which have historically been criticized for their ties to the fossil fuel industry, have been making efforts to incorporate net-zero standards into their operations. However, they have begun scaling back on some initiatives in response to Republican policymakers who oppose limiting the financing of fossil fuels.
Citigroup stated that it has made progress towards its own net-zero goals and has decided to leave the NZBA. Bank of America, in a statement to Reuters, said that it will continue to work with clients on climate issues and meet their needs.
The NZBA aims to bring down carbon emissions from the lending and investment portfolios of its members to zero on a net basis by 2050.