LONDON (Reuters) – Investment bank Morgan Stanley said on Thursday it had decided to leave the Net-Zero Banking Alliance (NZBA), becoming the latest U.S. banking group to leave the industry’s main global climate coalition.
The bank, which did not justify its decision, assured in a press release that its commitment to helping the world transition to net zero carbon emissions remained “unchanged”.
“We want to contribute to the decarbonization of the real economy by providing our clients with the advice and capital needed to transform business models and reduce carbon emissions intensity,” the bank said.
Morgan Stanley also said it would continue to report on its efforts to meet 2030 targets for reducing emissions from its loan portfolio.
Morgan Stanley’s move follows similar moves in recent weeks by Citigroup, Bank of America, Wells Fargo and Goldman Sachs.
Several Republican politicians in the United States have criticized major American banks for joining the NZBA, accusing them of violating competition rules by limiting financing of fossil fuel companies.
(Written by Simon Jessop; Etienne Breban; edited by Blandine Hénault)
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