Investment bank Morgan Stanley announced that it left the Net-Zero Banking Alliance (NZBA).
“Morgan Stanley has decided to withdraw from the Net-Zero Banking Alliance. Morgan Stanley’s commitment to net-zero remains unchanged. We aim to contribute to real-economy decarbonization by providing our clients with the advice and capital required to transform business models and reduce carbon intensity,” a spokesperson for the bank said in a statement obtained by The Hill. “We will continue to report on our progress as we work towards our 2030 interim financed emissions targets.”
Other companies, including Citigroup, Bank of America, Wells Fargo, and Goldman Sachs have also withdrawn from the climate-centred banking alliance.
In announcing its departure from the alliance, Citi said it planned to focus on supporting the Glasgow Financial Alliance for Net Zero (GFANZ). Citi remains “committed to reaching net zero and continue to be transparent about our progress. We will continue to work with our clients on their transitions to a low-carbon economy while helping ensure energy security, given the range of transition pathways that are being pursued across our global network.”
In November, Eleven Republican states filed a lawsuit against financial entities BlackRock, Vanguard, and State Street for “illegally conspiring to manipulate energy markets,” Texas Attorney General Ken Paxton announced.
“Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda. BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices,” Paxton said. “Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law.”
The ten states joining Texas were Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia, and Wyoming.
