An exodus from banking’s biggest climate target-setting group has provided an opportunity for US banks to ditch awkward commitments while still selling “green” products and services.
Citigroup, Bank of America and Morgan Stanley have quit the Net-Zero Banking Alliance (NZBA), following Wells Fargo and Goldman Sachs, in the final weeks of 2024, citing the need for more targeted strategies.
Big banks and asset managers have been caught for most of the past two years in a political war between “anti-woke” attacks from US politicians which are expected to escalate under US president-elect Trump, and pressure to meet tougher EU standards on disclosure of environmental risks.
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