Morgan Stanley: The latest bank to leave the Net-Zero Banking Alliance climate group
Other banks such as Citigroup Inc. and Bank of America Corp, Goldman Sachs Group Inc. and Wells Fargo & Co. also withdrew from the U.N.-backed progressive group.
Morgan Stanley in New York.
Morgan Stanley is also leaving the Net-Zero Banking Alliance (NZBA). The company recently announced the decision in an emailed statement.
"We will continue to report on our progress as we work towards our 2030 interim financed-emissions targets," Morgan Stanley said in the message obtained by Bloomberg.
With the decision, Morgan Stanley joins other banks that also withdrew from the alliance such as Citigroup Inc., Bank of America Corp., Goldman Sachs Group Inc., and Wells Fargo & Co.
The withdrawals are a blow to the group, which is affiliated with the Glasgow Finance Alliance for Net Zero that was introduced by Mark Carney, United Nations special envoy for climate action and finance. It has 140 members.
The alliance is chaired by Carney and billionaire Michael Bloomberg. It is the banking sector within the group that brings together several companies.
"[Glasgow Financial Alliance for Net Zero] was founded to establish a forum for addressing and cataly[z]ing action toward the sector-wide challenges and opportunities associated with the net-zero transition," explained the alliance on its official website.
The banks' decisions come just after Texas filed a lawsuit against BlackRock, Vanguard and State Street, accusing them of violating competition rules by implementing investment policies based on environmental, social and governance (ESG) criteria seeking to restrict the supply of coal.
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