The group also discussed what the consequences for such a move should be.
When Morgan Stanley moved the goalposts back on its climate targets in October 2024, members of the industry’s biggest climate alliance were caught off guard.
The steering group of the Net-Zero Banking Alliance (NZBA) debated if the Wall Street firm — at that time a member of the group — would be allowed to deviate from the founding principle that signatories align portfolios with the goal of limiting global warming to 1.5°C, according to a person familiar with the matter.
