10:12 AM EST, 01/02/2025 (MT Newswires) -- (Updates with Citigroup ( C ) response in the third paragraph.)

Citigroup ( C ) and Bank of America (BAC) are withdrawing from United Nation's Net-Zero Banking Alliance, a global group committed to lowering greenhouse gas emissions, multiple outlets reported late Tuesday, citing statements from the companies.

Citigroup ( C ) has made progress toward its own net-zero goals but decided to leave the NZBA, the outlets said, citing a company statement.

"As a founding member of the Glasgow Financial Alliance for Net Zero (GFANZ) and a member of its Principals Group, Citi supports its decision to focus on addressing barriers to mobilizing capital to emerging markets in support of the low-carbon transition," Citigroup ( C ) said in a statement e-mailed to MT Newswires. "In light of this shift, and Citi's progress towards its own net zero goals, we have decided to leave the Net Zero Banking Alliance and focus our attention on supporting GFANZ during this new phase."

Bank of America ( BAC ) said it will continue to work with clients on this matter, Reuters reported, citing an emailed statement from the company.

Bank of America ( BAC ) did not immediately respond to MT Newswires' request for comment.

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