Citigroup announced on Tuesday that it is exiting the Net-Zero Banking Alliance (NZBA), a group of global banks committed to reducing greenhouse gas emissions.

It follows the exits of Wells Fargo and Goldman Sachs earlier this month.

Financial firms have scaled back net-zero efforts to avoid alienating Republican policymakers who oppose restricting fossil fuel financing, Reuters has reported.

Citigroup stated it has made progress on its own net-zero goals and chose to leave the NZBA, which aims to reduce carbon emissions from lending and investments to net-zero by 2050.

Written by B.C. Begley