Only Half Of Large U.S. Banks Signed Net-Zero Banking Alliance
On Wednesday, doubts were raised among environmentalists concerning the commitment of some large U.S. financial institutions to sustainability pledges to achieve net-zero emissions by 2050 or to execute Paris Climate Agreement-aligned targets.
Initial signatories of the Glasgow Financial Alliance for Net Zero, or the Net-Zero Banking Alliance, were Morgan Stanley, Bank of America and Citigroup, but the other three of the largest banks, Wells Fargo, JPMorgan Chase and Goldman Sachs did not sign onto the Alliance which agreed on identifying ways to reduce financing for the oil industry and tracking and verifying emissions.
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