Bank of America Corp (NYSE:BAC) and Citigroup Inc (NYSE:C) announced their departure from the Net-Zero Banking Alliance, a UN-backed initiative aimed at reducing financial support for industries contributing to greenhouse gas emissions.
The move follows similar exits by Goldman Sachs and Wells Fargo, highlighting shifting corporate priorities under increased Republican scrutiny following Donald Trump’s re-election.
Despite leaving the alliance, Citi reaffirmed its commitment to climate goals, focusing on providing capital for climate initiatives in emerging markets. BofA similarly pledged to support clients' low-carbon transitions.
Republican pressure against environmental pledges has intensified, with GOP-led states filing antitrust lawsuits against major investment firms over their net-zero strategies. The exits underline growing challenges for US corporations balancing climate commitments and political opposition.