What’s the story?

Three major banks announced over the last several days that they are leaving the Net-Zero Banking Alliance. Morgan Stanley, Citigroup, and Bank of America indicated they would exit the group.

Why does it matter?

The announcements follow similar actions from Goldman Sachs and Wells Fargo last month. They are part of a broader trend of American financial services corporations leaving global climate change organizations. The announcements in recent months have followed arguments from Republican officials that global climate commitments could violate anti-trust laws.

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