{"id":13775,"date":"2025-01-01T00:26:52","date_gmt":"2025-01-01T00:26:52","guid":{"rendered":"https:\/\/infundpros.com\/?p=13775"},"modified":"2025-01-01T00:26:52","modified_gmt":"2025-01-01T00:26:52","slug":"citi-and-bofa-exit-un-backed-global-climate-pact","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=13775","title":{"rendered":"Citi and BofA exit UN-backed global climate pact"},"content":{"rendered":"<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description\">Your guide to what the 2024 US election means for Washington and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=acaeff4c-175c-41a0-806b-e870f1f1f53d&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Bank of America and Citigroup on Tuesday said they were quitting the world\u2019s largest climate alliance for banks, the latest sign corporate America may retreat from climate goals during Donald Trump\u2019s second term as US president.<\/p>\n<p>BofA and Citi are the latest large US lenders to exit the Net-Zero Banking Alliance this month, following Goldman Sachs and Wells Fargo. The UN-backed climate pledge, which Citi helped launch in 2021, was hailed as a major step towards reducing global warming by limiting investment in and lending to industries that contribute to greenhouse gas emissions. <\/p>\n<p>In a statement, Citi said it remained committed to its climate goals despite exiting the alliance, and it planned to refocus its efforts on providing capital to emerging markets in order to support climate initiatives in those countries.<\/p>\n<p>\u201cWe will continue to work with our clients on their transitions to a low-carbon economy while helping ensure energy security,\u201d the bank said.<\/p>\n<p>Like Citi, BofA in a statement said it would work with clients to meet their climate goals.<\/p>\n<p>But US banks and other large companies have increasingly come under pressure from Republican lawmakers to distance themselves from pledges that would force banks to lend less to the oil and gas industry or other traditional energy producers.<\/p>\n<p>That pressure has increased in the wake of Trump\u2019s presidential win.<\/p>\n<p>In November, Republican-led states filed a federal antitrust lawsuit against BlackRock, State Street and Vanguard, accusing the three largest US index fund managers of using their investing power to constrict supplies in pursuit of net zero carbon emissions goals.<\/p>\n<p><em>Additional reporting by Kenza Bryan in London and Patrick Temple-West in New York<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/acaeff4c-175c-41a0-806b-e870f1f1f53d\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world&#8230;<\/p>\n","protected":false},"author":1,"featured_media":13776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-13775","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Citi and BofA exit UN-backed global climate pact | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldBank of America and Citigroup on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=13775\" \/>\n<meta property=\"og:locale\" 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