Citigroup, BofA join US lenders in exiting Net-Zero Banking Alliance By Reuters


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(Reuters) -US banks Citigroup (NYSE: ) and Bank of America said Tuesday they will withdraw from the Net-Zero Banking Alliance (NZBA), a group of global banks that have pledged to curb greenhouse gas emissions.

They followed Wells Fargo (NYSE:) and Goldman Sachs, both of which left the alliance earlier this month.

Financial companies, historically criticized for their connections to the fossil fuel industry, have made efforts to incorporate net-zero standards more prominently into their operations.

However, they have begun to scale back some initiatives to avoid angering Republican lawmakers who oppose limiting funding for fossil fuels.

Citi said it had progressed towards its own net-zero goals and decided to leave the NZBA.

BofA, in an emailed statement to Reuters, said: “We will continue to work with clients on this issue and meet their needs.”

© Reuters. FILE PHOTO: The logo of Citigroup Inc (Citi) is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Photo taken October 19, 2017. REUTERS/Chris Helgren/File Photo

The NZBA aims to reduce carbon emissions from its members’ lending and investment portfolios to zero on a net basis by 2050.

Last month, BlackRock (NYSE:), Vanguard and State Street (NYSE:) has been sued by Texas and 10 other Republican-led states, alleging that the big asset managers violated antitrust laws through climate activism that reduced coal production and raised energy prices.





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