Finance
Citigroup joins US lenders in exiting Net-Zero Banking Alliance
Published by Global Banking & Finance Review®
Posted on December 31, 2024
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 31, 2024
1 min readLast updated: January 27, 2026
Citigroup exits the Net-Zero Banking Alliance, following Wells Fargo and Goldman Sachs, amid political pressures over fossil fuel financing.
(Reuters) - U.S. bank Citigroup said on Tuesday it is exiting the Net-Zero Banking Alliance (NZBA), a group of global banks that have pledged to curb greenhouse gas emissions.
This move makes Citigroup the third major U.S. lender to exit the group after Wells Fargo and Goldman Sachs, which both left earlier this month.
Financial firms, historically criticized for their connections to the fossil fuel industry, have made efforts to incorporate net-zero standards more prominently into their operations.
However, they have begun scaling back on some initiatives to avoid irking Republican policymakers who are opposed to limiting the financing of fossil fuels.
Citi said it had made progress towards its own net-zero goals and decided to leave the NZBA.
The NZBA aims to bring down carbon emissions from the lending and investment portfolios of its members to zero on a net basis by 2050.
Last month, BlackRock , Vanguard and State Street were sued by Texas and 10 other Republican-led states, which said the large asset managers violated antitrust law through climate activism that reduced coal production and boosted energy prices.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Tasim Zahid)
The article discusses Citigroup's exit from the Net-Zero Banking Alliance amid political pressures.
Citigroup left the NZBA to avoid political backlash over fossil fuel financing.
The NZBA aims to reduce carbon emissions from member banks' portfolios to net-zero by 2050.
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