Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

CitiGroup Exits Net-Zero Banking Alliance, Joins Growing List of U.S. Banks Scaling Back Climate Commitments

Daniel Kim Views  

CitiGroup Headquarters / CitiGroup
CitiGroup Headquarters / CitiGroup

CitiGroup has made notable progress toward its net-zero goal and has decided to leave the Net Zero Banking Alliance (NZBA), a global coalition of banks committed to climate action.

On Wednesday, CitiGroup announced its withdrawal from the NZBA, an organization dedicated to reducing greenhouse gas emissions.

This decision makes CitiGroup the third major U.S. lender to exit the alliance, following Wells Fargo and Goldman Sachs Group, Inc., which withdrew earlier this month.

Financial institutions, often criticized for their ties to the fossil fuel industry, have been working to adopt net-zero standards across their operations.

However, these institutions have started scaling back some initiatives to avoid conflict with Republican policymakers who oppose restrictions on fossil fuel financing.

Last month, major asset managers BlackRock, Vanguard, and State Street faced legal challenges in ten Republican-led states, including Texas. The lawsuit accuses them of antitrust violations through climate activism that allegedly reduced coal production and raised energy prices.

The NZBA aims to achieve net-zero carbon emissions from its members’ lending and investment portfolios by 2050.

CitiGroup’s stock price remained steady at $70.39.

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Honda's NSX Returns: A 1,000-Horsepower Electric Rival to Lexus LFR
  • Honda’s S7 Electric SUV: A Major Player in the Race for EV Dominance
  • Lamborghini's First EV: A 2,000-Horsepower Beast Built for Speed and Emotion
  • Ford Revives Classic Design with the 2025 Bronco Heritage Edition
  • ID.EVERY1: Volkswagen's $21K Electric Vehicle Aims to Make Green Driving Accessible
  • Toyota’s bZ3X SUV Surges with 10,000 Pre-Orders: A New Era in EVs

You May Also Like

  • 1
    Scabies in the Dorms? Here’s How Fast It Can Spread

    LIFESTYLE 

  • 2
    Drank Last Night? Here's Why Skipping the Gym Might Be Smarter

    LIFESTYLE 

  • 3
    Think Twice Before Adding Water to Your Shampoo Bottle—Here’s Why

    LIFESTYLE 

  • 4
    Can Balancing Blood Sugar Help You Lose Weight? Here's Why it Matters

    LIFESTYLE 

  • 5
    Scientists Find Brain Switch That Could Help Reverse Memory Loss

    LIFESTYLE 

Popular Now

  • 1
    Hugh Jackman Did It for Wolverine. Can You Do It for Your Waistline?

    LIFESTYLE&nbsp

  • 2
    Fake Beer, Real Buzz? What to Know Before You Sip That Zero-Proof Brew

    LIFESTYLE&nbsp

  • 3
    Trump Drops 20 Pounds but Still Loves His Fast Food

    LIFESTYLE&nbsp

  • 4
    New Blood Test Could Spot Alzheimer’s Early—With 92% Accuracy

    LIFESTYLE&nbsp

  • 5
    Study Finds Link Between Irregular Heartbeat and Early Dementia

    LIFESTYLE&nbsp

Must-Reads

  • 1
    Scabies in the Dorms? Here’s How Fast It Can Spread

    LIFESTYLE 

  • 2
    Drank Last Night? Here's Why Skipping the Gym Might Be Smarter

    LIFESTYLE 

  • 3
    Think Twice Before Adding Water to Your Shampoo Bottle—Here’s Why

    LIFESTYLE 

  • 4
    Can Balancing Blood Sugar Help You Lose Weight? Here's Why it Matters

    LIFESTYLE 

  • 5
    Scientists Find Brain Switch That Could Help Reverse Memory Loss

    LIFESTYLE 

Popular Now

  • 1
    Hugh Jackman Did It for Wolverine. Can You Do It for Your Waistline?

    LIFESTYLE 

  • 2
    Fake Beer, Real Buzz? What to Know Before You Sip That Zero-Proof Brew

    LIFESTYLE 

  • 3
    Trump Drops 20 Pounds but Still Loves His Fast Food

    LIFESTYLE 

  • 4
    New Blood Test Could Spot Alzheimer’s Early—With 92% Accuracy

    LIFESTYLE 

  • 5
    Study Finds Link Between Irregular Heartbeat and Early Dementia

    LIFESTYLE