Goldman Sachs has decided to withdraw from the Net Zero Banking Alliance (NZBA), ESG Today confirmed. This is the first notable withdrawal from the UN-backed banking alliance, which aims to promote global net zero emissions goals through finance.
“We have the capacity to achieve these targets and support our clients’ sustainability goals,” a Goldman Sachs spokesperson told ESG Today. The firm also stressed its commitment to the growing sustainability standards and reporting requirements of regulators around the world.
Goldman Sachs confirmed that its financing emissions reduction targets remain in place, including a commitment to reach net zero emissions by 0 and sector-specific intermediate targets.
About the Net Zero Banking Alliance (NZBA)
Established in 2021, the NZBA is a coalition of 145 banks from 44 countries, representing approximately $74 trillion in assets. Members are committed to transforming their operations and reducing their financing-related greenhouse gas emissions to align with a path to net zero emissions by 0. The 2050 emissions reduction targets are focused on high-emission sectors.