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| Economy | |
| Three major financial firms join exodus from climate group, bringing total to five in past month | |
| 2025-01-03 | |
| Finger in the wind, they can feel the change and want to get ahead of Jan 20th [JTN] Citibank, Morgan Stanley, Bank of America, Wells Fargo and Goldman Sachs have all announced they are terminating their membership with the Net-Zero Banking Alliance.
Citigroup and Bank of America announced Tuesday that they were leaving the Net-Zero Banking Alliance, Reuters reported. Then on Thursday, Morgan Stanley announced it too was terminating its membership with the group, according to Bloomberg. Morgan Stanley and Citigroup each said they remain committed to progress in achieving net-zero emissions. Last month, Wells Fargo and Goldman Sachs withdrew from the alliance. The exodus comes two years after 19 state attorneys general, lead by Texas Attorney General Ken Paxton, launched an investigation into these firms, for alleged deceptive trade practices connected to ESG. It was the third such investigation Paxton initiated, The Center Square reported. The NZBA, according to its website, is a bank-led and United Nations-convened organization coordinating their lending, investment and capital markets activities to be in line with net-zero emissions by 2050. Related: Net-Zero Banking Alliance 08/28/2024 Harley-Davidson failed at 'Business 101' as 'elitist jerks' rule boardrooms, says former Levi's exec Net-Zero Banking Alliance 07/13/2023 Goldman Sachs has reportedly warned Wall Street about its tanking profits Net-Zero Banking Alliance 02/28/2023 House to Vote on Resolution to Scrap Biden ESG Rule | |
| Posted by:Frank G |