CITIGROUP said it is leaving the Net-Zero Banking Alliance (NZBA), becoming the third-biggest US lender to leave the climate-finance coalition in the past month.
In a statement, the bank said while it remains committed to achieving net zero emissions, it is exiting NZBA.
Citigroup’s departure from NZBA follows Goldman Sachs and Wells Fargo. The largest US financial institutions are under increasing pressure from Republican lawmakers to distance themselves from industry groups that support reducing greenhouse gas emissions.
NZBA is part of the Glasgow Financial Alliance for Net Zero (GFANZ), a United Nations-backed umbrella group of net zero-focused financial sector coalitions.
Citigroup is a founding member of GFANZ. Earlier on Tuesday (Dec 31), GFANZ said it is making changes that will “redouble its efforts to mobilise private capital” to support the energy transition.
Citigroup said it plans to support GFANZ during its new phase. The company added that it will “continue to work with our clients on their transitions to a low-carbon economy while helping ensure energy security, given the range of transition pathways that are being pursued across our global network.”
Citigroup ranks as the world’s fourth underwriter of green bonds since the start of the decade, trailing BNP Paribas, JPMorgan and Credit Agricole, according to data compiled by Bloomberg. BLOOMBERG
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