Goldman Decides to Leave World’s Top Climate Alliance for Banks

Goldman Sachs Group Inc. is quitting a major climate group for banks, as increasingly complex regulations and US political attacks lead some of the financial industry’s biggest firms to rethink such affiliations.

The bank’s decision to leave the Net-Zero Banking Alliance was mainly motivated by the need to comply with mandatory reporting guidelines, according to a person familiar with the matter who asked not to be identified discussing internal deliberations at the bank. The person pointed to the rollout of the European Union’s Corporate Sustainability Reporting Directive as a key development guiding Goldman’s approach to the matter.

Goldman said in ...