Morgan Stanley to exit global climate coalition
Morgan Stanley on Thursday announced its departure from a coalition of banks that aims to target net-zero emissions through lending and investment, the fifth group to do so in recent weeks.
“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. “We will continue to report on our progress as we work towards our 2030 interim financed emissions targets.”
Morgan Stanley is the latest in an exodus of major banks from the compact, following the earlier withdrawals of Citigroup, Bank of America, Goldman Sachs and Wells Fargo.
The bank did not give a reason for leaving the alliance, which the United Nations established through its Environment Programme Finance Initiative in 2021. However, it comes weeks before a Republican trifecta is set to take office in Washington, where environmental and sustainable governance initiatives are likely to be in its crosshairs.
In June, Republicans on the House Judiciary Committee accused major investment firms of “collusion” with climate activist groups. Weeks ago, Texas Attorney General Ken Paxton (R) led 11 GOP state attorneys general in a lawsuit against asset managers BlackRock, Vanguard and State Street that accused them of “conspiring to artificially constrict the coal market” through their industry holdings. BlackRock and State Street have called the allegations “baseless.”
As early as last February, however, major banks and asset managing firms have signaled a retreat on climate commitments. That month, Bank of America backtracked on a vow that it would not fund new coal mining, shipping or burning infrastructure, while JPMorgan Chase’s investment arm exited another investment alliance, Climate Action 100+.
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