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(Reuters) – American banks Citigroup (NYSE: ) and Bank of America announced Tuesday that they are leaving the Net-Zero Banking Alliance (NZBA), a group of global banks committed to reducing greenhouse gas emissions.
They follow Wells Fargo (NYSE: ) and Goldman Sachs, which left the alliance earlier this month.
Financial firms, historically criticized for their ties to the fossil fuel industry, have made efforts to more significantly incorporate net-zero standards into their operations.
However, they have begun scaling back some initiatives to avoid irritating Republican policymakers who oppose limiting fossil fuel funding.
Citi said it had made progress towards its own net-zero targets and had decided to leave the NZBA.
BofA said in an emailed statement to Reuters: “We will continue to work with clients on this matter and meet their needs.”
NZBA aims to reduce carbon emissions from its members’ loan and investment portfolios to zero on a net basis by 2050.
Last month, BlackRock (NYSE: ), Vanguard and State Street (NYSE:) was sued by Texas and 10 other Republican-led states, which said the big asset manager violated antitrust laws through climate activism that reduced coal production and raised energy prices.
