Goldman Sachs says it will leave the Net-Zero Banking Alliance.

The bank’s decision comes after some US Republican politicians have suggested that membership of the alliance could breach anti-trust rules and the bank’s need to comply with mandatory reporting guidelines. Goldman Sachs is the latest financial institution to leave one of the climate groups that includes Climate Action+100.

In a statement, the bank said, “We have made significant progress in recent years on the firm’s net zero goals and we look forward to making further progress, including by expanding to additional sectors in the coming months. Our priorities remain to help our clients achieve their sustainability goals and to measure and report on our progress. We have the capabilities to achieve our goals and to support the sustainability objectives of our clients. Goldman Sachs is also very focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world,” it said in a statement on Friday”.

END