Citi (C) and Bank of America (BAC) on Tuesday decided to exit the Net-Zero Banking Alliance, the world’s largest climate alliance for banks, following the exits of Goldman Sachs (GS) and Wells Fargo (WFC), The Financial Times’ Stephen Gandel reports. Citi says it remains committed to its climate goals despite exiting the alliance, and plans to refocus its efforts on providing capital to emerging markets in order to support climate initiatives in those countries. Bank of America plans to work with clients to meet their climate goals. The banks’ exits are the latest sign corporate America may retreat from climate goals during Donald Trump’s second term as U.S. president, the report notes.
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