Morgan Stanley, Citi, Bank of America Join Others in Exiting Net Zero Banking Alliance

Morgan Stanley, Citi, and Bank of America have exited the Net-Zero Banking Alliance (NZBA), citing political pressures and legal concerns, including Republican opposition to fossil fuel financing restrictions and potential antitrust risks. Despite leaving, these banks reaffirm their commitment to decarbonization through independent climate goals, transparent emissions reporting, and client support for reducing carbon intensity. This trend highlights the financial industry’s challenges in balancing climate ambitions with regulatory and political pressures, as institutions face scrutiny over fossil fuel ties and climate-focused strategies. Resources: https://esgnews.com/morgan-stanley-citi-bank-of-america-join-others-in-exiting-net-zero-banking-alliance/