• Wed, January 1, 2025
  • Thu, January 2, 2025

Citigroup, BofA join US lenders in exiting Net-Zero Banking Alliance

U.S. banks Citigroup and Bank of America said on Tuesday they are exiting the Net-Zero Banking Alliance (NZBA), a group of global banks that have pledged to curb greenhouse gas emissions.
Citigroup has decided to leave the Net-Zero Banking Alliance (NZBA), a group of banks committed to aligning their lending and investment portfolios with net-zero emissions by 2050, as reported by Reuters on December 31, 2024. This move follows similar exits by other major U.S. banks like JPMorgan Chase, Bank of America, and Wells Fargo, citing concerns over potential antitrust violations and the complexities of meeting the alliance's climate goals. Citigroup's departure reflects the broader challenges financial institutions face in balancing environmental commitments with regulatory and economic pressures. The NZBA, formed in 2021 under the auspices of the United Nations, has seen its membership fluctuate as banks navigate the intricate landscape of climate action, regulatory scrutiny, and shareholder expectations.

Read the Full Reuters Article at:
https://www.reuters.com/business/finance/citigroup-joins-us-lenders-exiting-net-zero-banking-alliance-2024-12-31/

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