Japan’s second-largest bank has decided to withdraw from the Net-Zero Banking Alliance (NZBA), a spokesperson said on Tuesday. Nikkei had earlier reported the lender’s plan to quit the alliance.

Banks have exited the United Nations-convened group amid intensifying pressure on lenders operating in the US over what have been characterised as “woke” policies, and in order to win more flexibility from the organisation’s climate targets. The NZBA is now reviewing its policies after the departures of members including Goldman Sachs Group Inc, Morgan Stanley and Bank of America Corp.

Several major European and Asian banks have recently expressed support for the alliance, while the NZBA’s website currently lists more than 130 members from 44 countries.  

Nomura Holdings Inc is considering exiting the group, Nikkei reported. “We continue to monitor developments around the net zero initiatives,” a Nomura spokesperson said, without specifying if the bank intends to withdraw.

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