Asked by AFP, Bank of America and Citi confirmed their departure from the Net-Zero Banking Alliance at the end of 2024. Morgan Stanley remains silent, but is no longer on the list of NZBA members.
Several large American banks have left the Net-Zero Banking Alliance (NZBA), a global program launched under the aegis of the United Nations in 2021 to promote carbon neutrality, but they claim to remain committed to the matter.
Asked by AFP, the banking groups Bank of America and Citi confirmed their departure from the Alliance at the end of 2024. Morgan Stanley did not respond immediately, but this investment bank no longer appeared Monday morning in the List of American banks that are members of the NZBA.
According to the program’s website, only four American banking establishments remain members, including JPMorgan Chase. Asked about her intentions, the latter did not react immediately.
The NZBA was launched as part of the United Nations Environment Program Financial Initiative (UNEP-FI), in order to encourage banks to prioritize their efforts on the sectors that emit the most greenhouse gases. greenhouse and play a key role in the transition to a carbon-neutral economy.
Its site indicated Monday morning that 142 banks, from 44 countries and representing $64,000 billion in assets, were part of it. According to this Alliance, the number of its members has more than tripled since 2021.
According to American media, banks and asset managers in the United States suffered legal attacks in November from around ten conservative states, which considered that such initiatives were in violation of antitrust legislation, affected the development of fossil fuels and led to an increase in prices.
“We will continue to work with our clients on this issue and respond to their needs,” assured Bank of America, putting into perspective the consequences of its exit from the NZBA and confirming its objective of carbon neutrality (activities, operations and supplies) before 2050. , within the framework of the Paris Agreement.
Same commitment from Citi, which says it supports the Glasgow Financial Alliance for Net Zero (Gfanz) – bringing together the seven sectoral alliances – in its decision to focus on emerging markets.
“As part of this evolution, and Citi’s progress toward its own neutrality goals, we have decided to leave the Net-Zero Banking Alliance and focus our efforts on supporting Gfanz in this new phase,” the bank said. American.
A report by the NGO Reclaim Finance, published in September, concluded that most of the decarbonization targets set by the thirty largest banks in the Alliance were not effective and needed to be rethought.
