Morgan Stanley said on Thursday it has decided to leave the Net-Zero Banking Alliance (NZBA), becoming the latest US lender to exit the financial sector’s main global climate coalition.
Although the institution gave no reason for its decision, the banks have come under pressure from some Republican politicians over their participation, with accusations that any move to limit financing to fossil fuel companies could violate antitrust rules.
Despite leaving the NZBA, Morgan Stanley said in a statement that its commitment to helping the world transition to net-zero carbon emissions “remains unchanged”.
“Our goal is to contribute to the decarbonization of the real economy by providing our clients with the advice and capital needed to transform business models and reduce carbon intensity,” he said.
The bank said it will also continue to report on its efforts against previously set 2030 targets to reduce emissions linked to its loan portfolio.
Morgan Stanley’s decision follows similar measures taken in recent weeks by Citigroup, Bank of America, Wells Fargo and Goldman Sachs.
