Citigroup and Bank of America (BofA) have announced their departure from the Net-Zero Banking Alliance (NZBA), marking the latest exits by major Wall Street banks from the global climate-banking coalition in recent weeks.
In a statement, Citigroup reiterated its commitment to achieving net-zero emissions but said it was leaving the NZBA. Similarly, Bank of America confirmed its exit on Tuesday, stating it remains focused on helping clients reduce greenhouse gas emissions.
The exits follow similar moves by Goldman Sachs and Wells Fargo, highlighting mounting pressure from Republican lawmakers on US financial institutions to distance themselves from climate-focused industry groups.
The NZBA operates under the Glasgow Financial Alliance for Net Zero (GFANZ), a UN-backed umbrella group of financial institutions committed to supporting the transition to a low-carbon economy. Both Citigroup and Bank of America are founding members of GFANZ. Earlier this week, GFANZ announced plans to “redouble its efforts to mobilize private capital” for the energy transition.
Despite leaving NZBA, Citigroup CEO Jane Fraser and Bank of America CEO Brian Moynihan remain part of GFANZ’s Principals’ group, which sets strategic priorities for the alliance. Citigroup also stated it will continue supporting GFANZ’s objectives in its “new phase” and emphasised its dedication to assisting clients in transitioning to a low-carbon economy while addressing energy security challenges.
According to Bloomberg data, Citigroup ranks as the fourth-largest underwriter of green bonds since 2020, trailing BNP Paribas, JPMorgan Chase, and Credit Agricole. Bank of America holds the eighth position globally.
