Morgan Stanley Exits Net-Zero Banking Alliance

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Morgan Stanley Exits Net-Zero Banking Alliance
Morgan StanleyNet-Zero Banking AllianceClimate Change
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Morgan Stanley, the latest in a string of banks, has withdrawn from the Net-Zero Banking Alliance (NZBA), a UN-backed initiative aimed at achieving net-zero greenhouse gas emissions by 2050. Despite its departure, Morgan Stanley maintains its commitment to climate action and real-economy decarbonization.

Financial giant Morgan Stanley is the latest bank to depart the Net-Zero Banking Alliance (NZBA), a company spokesperson told The National News Desk (TNND) on Thursday. The UN-backed initiative represents a group of financial institutions dedicated to financing ambitious climate action. NZBA writes via its website it aims to push the economy toward net-zero greenhouse emissions by 2050.

In a statement Thursday, Morgan Stanley explained its decision to leave the group would not alter its commitment to improving the climate. “Morgan Stanley’s commitment to net-zero remains unchanged,” a spokesperson told TNND. “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. We will continue to report on our progress as we work towards our 2030 interim financed emissions targets,” they added. Morgan Stanley is the latest in a mass exodus of banks from the agreement. Also quitting NZBA this week was Citigroup and Bank of America, which both departed on Tuesday. Goldman Sachs Group and Wells Fargo had dropped from the coalition in December. State agriculture officials last year, who decried the plan in a letter to the heads of several major banks involved in the compact, including Morgan Stanley. “Implementing these commitments would have severe consequences for American farmers—including cutting America’s beef and livestock consumption in half, switching to inefficient electric farm equipment, and moving away from the nitrogen fertilizer necessary for American agriculture to thrive,” the letter read. “Achieving net-zero greenhouse gas emissions in agriculture requires a complete overhaul of on-farm infrastructure—one of the goals of the NZBA. This would have a catastrophic impact on our farmers”

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