Citi And Bank Of America Are Leaving Global Climate-Banking Alliance

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(RTTNews) - U.S. banks Citigroup (C) and Bank of America are exiting the Net-Zero Banking Alliance (NZBA).

They follow Wells Fargo (WFC) and Goldman Sachs, which left the alliance earlier this month.

Bank-led and UN-convened, the Net Zero Banking Alliance is a group of global banks committed to aligning their lending, investment, and capital markets activities with net-zero greenhouse gas emissions by 2050.

Citigroup said while it remains committed to achieving net zero emissions, it's exiting the Net-Zero Banking Alliance. Bank of America said it is also leaving NZBA and will continue working with clients to reduce greenhouse gas emissions.

Last month, BlackRock (BLK), Vanguard, and State Street (STT) were sued by Texas and 10 other Republican-led states, which said the large asset managers violated antitrust law through climate activism that reduced coal production and boosted energy prices.

NZBA is part of the Glasgow Financial Alliance for Net Zero, a UN-backed umbrella group of climate alliances. Citigroup and Bank of America are founding members of GFANZ.