- | 2:00 pm
Morgan Stanley joins Citi, Bank of America out of climate group
Other banks that have exited the Net-Zero Banking Alliance recently include Goldman Sachs Group Inc. and Wells Fargo and Co
Morgan Stanley has terminated its membership of Net-Zero Banking Alliance (NZBA), a climate-banking group, joining Wall Street firms such as Citigroup Inc. and Bank of America Corp. that quit the alliance this week, Bloomberg reported.
The exits are happening against a tense political backdrop in the US, where some of the biggest financial firms are finding themselves in the crosshairs of Republican campaigns that are calling net zero groups as “climate cartels.”
The campaigns have picked up in November after Texas moved to sue BlackRock Inc., Vanguard Group Inc. and State Street Corp. for allegedly breaching antitrust laws by tapping climate-friendly investment strategies to crimp coal supplies.
BlackRock had claimed that the suggestion that it invests in firms with the goal of harming them was baseless.
Other banks that have exited NZBA recently include Goldman Sachs Group Inc. and Wells Fargo and Co.
NZBA had been one of a number of finance-industry groups affiliated with the Glasgow Financial Alliance for Net Zero (GFANZ).
GFANZ has ended 2024 by adjusting the way it operates as going forward, financial firms are free to draw on GFANZ for guidance and assistance without being members of one of the sector alliances.
More Top Stories:
