LONDON: Bank Morgan Stanley said on Thursday it has decided to leave the Net-Zero Banking Alliance, becoming the latest US lender to quit the sector’s top global environmental alliance.
While the bank did not give a reason for its decision, the top bank is under pressure from some US Republican politicians over its membership, with accusations that any move to limit financing to fossil fuel companies would violate antitrust laws. may violate
Despite leaving the NZBA, Morgan Stanley said in a statement that its commitment to helping the world transition to net zero carbon emissions “remains unchanged.”
“We want to contribute to the decarbonisation of the real economy by providing our clients with the advice and capital they need to transform business models and reduce carbon intensity,” it said.
The bank said it will also continue to report on its efforts towards pre-set 2030 targets to reduce emissions linked to its loan book.
Morgan Stanley’s decision follows similar moves in recent weeks by Citigroup Opens a New Tab , Bank of America Opens a New Tab , Wells Fargo Opens a New Tab and Goldman Sachs Opens a New Tab .
A US-based environmental advocacy group urged New York state on Thursday to regulate the financial sector and ensure its policies are aligned with climate goals.
“This release demonstrates the inadequacy of voluntary commitments and underscores the urgent need for state-level leadership and regulation,” Vanessa Fagens-Turner, executive director of Environmental Advocates NY, said in a statement.