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Goldman decides to leave world's top climate alliance for banks

Goldman Sachs has decided to exit the Glasgow Financial Alliance for Net Zero (GFANZ), a prominent coalition of financial institutions committed to achieving net-zero greenhouse gas emissions by 2050. This move comes as the bank reevaluates its climate strategy, focusing on its own initiatives to combat climate change rather than participating in collective efforts. The decision was influenced by regulatory concerns and the complexities of aligning with the alliance's stringent targets. Despite leaving GFANZ, Goldman Sachs emphasized its ongoing commitment to environmental sustainability, stating that it will continue to support clients in their transition to a low-carbon economy and will pursue its own climate goals independently. This exit has sparked discussions on the challenges financial institutions face in balancing regulatory compliance with ambitious climate commitments.

Read the Full Business Line Article at:
[ https://www.thehindubusinessline.com/money-and-banking/goldman-decides-to-leave-worlds-top-climate-alliance-for-banks/article68958275.ece ]