LONDON (Reuters) – Investment bank Morgan Stanley (NYSE: ) said Thursday it has decided to leave the Net-Zero Banking Alliance, becoming the latest U.S. lender to leave the sector’s main global climate coalition.
Although the bank did not give reasons for its decision, leading banks have come under pressure from some US Republican politicians over their membership, with accusations that any move to limit funding to fossil fuel companies could violate antitrust rules.
Despite leaving the NZBA, Morgan Stanley said in a statement that its commitment to helping the world transition to net zero carbon “remains unchanged”.
“Our goal is 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 intensity,” the statement said.
The bank said it will also continue to report on its efforts towards previously set 2030 targets to reduce emissions related to its loan book.
Morgan Stanley’s decision follows similar moves in recent weeks Citigroup (NYSE:), Bank of America, Wells Fargo (NYSE:) and Goldman Sachs.
