Wells Fargo departs climate banking group in another high-profile exit

21/12/2024 6:32

Wells Fargo has withdrawn from a group of global banks committed to curbing greenhouse gas emissions, increasing the number of high-profile firms exiting climate initiatives amid mounting political pressure.



The bank has ended its membership in the Net-Zero Banking Alliance, a spokesperson said on Friday, two weeks after another notable exit by Goldman Sachs.



Financial firms, which have long been criticized for their ties to the fossil fuel industry, have tried to integrate net-zero standards more prominently into their operations. But more recently, they have started to scale back some of those initiatives to avoid irking Republicans.