Major US banks threaten to quit climate financial alliance

They fear being sued over strict rules amid continued lending to polluting coal projects

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Major US banks are threatening to exit a leading climate financial alliance, fearing they might be sued over the grouping's stringent decarbonisation commitments, the Financial Times and Bloomberg reported on Wednesday.

Citing people familiar with the matter, Bloomberg said banks, including JPMorgan Chase, Morgan Stanley and Bank of America, are having second thoughts and might walk out of the Glasgow Financial Alliance for Net Zero (GFANZ).

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A version of this article appeared in the print edition of The Straits Times on September 23, 2022, with the headline Major US banks threaten to quit climate financial alliance. Subscribe