Citigroup on Tuesday said it was quitting the world’s largest climate alliance for banks, the latest sign corporate America may retreat from climate goals during Donald Trump’s second term as US president.
Citi is the third large US lender to exit the Net-Zero Banking Alliance this month, following Goldman Sachs and Wells Fargo. The UN-backed climate pledge, which Citi helped launch in 2021, was hailed as a major step towards reducing global warming by limiting investment in and lending to industries that contribute to greenhouse gas emissions.
In November, Republican-led states filed a federal antitrust lawsuit against BlackRock, State Street and Vanguard, accusing the three largest US index fund managers of using their investing power to constrict supplies in pursuit of net zero carbon emissions goals.