The Financial Post reports in its Saturday, Jan. 4, edition that Morgan Stanley has terminated its membership in the Net-zero Banking Alliance, following Citigroup and Bank of America, which also exited the climate-banking group. A Bloomberg dispatch to The Globe reports that defections are occurring amidst a tense political environment in the U.S., where major financial firms are targeted by Republican campaigns labelling net-zero groups as climate cartels. Texas recently led a lawsuit against Blackrock, Vanguard Group and State Street, accusing them of antitrust violations for using climate-friendly investment strategies that allegedly suppress coal supply. Blackrock denies the accusation. Goldman Sachs and Wells Fargo & Co. have recently left NZBA but remain committed to their net-zero emissions goals. Morgan Stanley updated its 2024 green targets, including a revised funding goal for plastics. A September report dropped a previous commitment to prevent, remove or reduce 50 million metric tonnes of plastic waste by 2030. The bank also cautioned against the rapid withdrawal of financing from high-carbon clients intending to decarbonize, citing potential "unintended consequences."