The banks’ departure from NZBA follows Goldman Sachs Group and Wells Fargo & Co. The largest US financial institutions are under increasing pressure from Republican lawmakers to distance themselves from industry groups that support reducing carbon emissions.
Citigroup and Bank of America said they’re leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month.
In a statement, Citigroup said while it remains committed to achieving net-zero emissions, it’s exiting the Net-Zero Banking Alliance (NZBA). Bank of America said separately on Tuesday that it’s also leaving NZBA, adding that it will continue to work with clients on reducing greenhouse gas emissions.
