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Wall Street’s CO2 Agenda Drives Green Bank to Quit Alliance

Germany’s GLS Bank is leaving net-zero coalition, citing concerns about fossil-fuel financing by larger lenders.

GLS Bank logo in Berlin, Germany.

GLS Bank logo in Berlin, Germany.

Photographer: Thomas Trutschel/Photothek/Getty Images

One of Germany’s greenest banks has quit the world’s biggest climate-finance alliance in protest, citing concerns that Wall Street is preventing the group from achieving its stated goal.

GLS Bank, a founding member of the Net-Zero Banking Alliance, said it no longer wants to be part of the group as much bigger signatories in the US still support oil, gas and coal projects in emerging markets.