The sudden exodus of these big US banks out of the NZBA is a lily-livered effort to avoid criticism from Trump and his climate denialist cronies.
A few years ago, when climate change was at the front of the political agenda, the banks were keen to boast of their commitments to act on climate.
The NZBA commits members to align their lending, investment and capital markets activities with net zero greenhouse gas emissions by 2050 or earlier.
Citigroup's decision to quit would allow it to focus on addressing barriers to mobilising capital to emerging markets in support of the low-carbon transition.
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