09:20 AM EST, 03/05/2024 (MT Newswires) -- Bank of America ( BAC ) , Citigroup ( C ) and HSBC (HSBC) are among a group of banks that are proposing that members of the UN-backed Net-Zero Banking Alliance should increase disclosures on climate change commitments without being compelled to coordinate action, Reuters reported Tuesday, citing people familiar with the matter.

The proposal seeks to keep the alliance -- which was established to set targets for cutting greenhouse gas emissions -- intact following attacks from some US politicians and investors against environmental, social and corporate governance policies, the report said.

A draft of new guidelines covers how banks monitor emissions associated with various financial deals, as well as communicating with corporate clients regarding their strategies for renewable energy transition, Reuters said.

Reuters said a spokesperson for the United Nations Environment Programme Finance Initiative, which administers the NZBA's secretariat, declined to comment.

Bank of America ( BAC ), Citigroup ( C ) and HSBC ( HSBC ) did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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