Goldman Sachs has pulled out of a United Nations-convened coalition of banks committed to reaching net-zero greenhouse gas emissions by 2050, raising questions about whether it’s another sign that the United States financial institutions are moving away from environmental sustainability commitments or simply an attempt to avoid the bureaucratic headache of participation.
The bank told the publication ESG Dive it would remain “focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world” but didn’t give a reason for its exit. The United Nations Net-Zero Banking Alliance, the coalition in question, told media that it would not be commenting on the move.
This group is part of the Glasgow Financial Alliance for Net Zero, or GFANZ, whose member groups have seen many departures in recent years.
About the author
Jesse Chase-Lubitz
Jesse Chase-Lubitz covers climate change and multilateral development banks for Devex. She previously worked at Nature Magazine, where she received a Pulitzer grant for an investigation into land reclamation. She has written for outlets such as Al Jazeera, Bloomberg, the Organized Crime and Corruption Reporting Project, and The Japan Times, among others. Jesse holds a master’s degree in Environmental Policy and Regulation from the London School of Economics.
