From Financial Modeling Prep: 2025-01-02 01:50:22

Citigroup and Bank of America have left the Net-Zero Banking Alliance, following Wells Fargo and Goldman Sachs. The alliance aims for net-zero carbon emissions by 2050.

Citigroup exited due to progress towards internal net-zero targets. Bank of America remains committed to environmental goals outside the alliance.

Republican critics argue the NZBA restricts fossil fuel financing. Lawsuits claim climate activism by major asset managers has breached antitrust laws.

The exits highlight the tension between sustainability efforts and political pressures for banks. Balancing goals with regulatory challenges is crucial.

The departures reflect a changing approach to climate goals for U.S. banks. Firms are adjusting strategies to navigate political and economic complexities while maintaining sustainability priorities.



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