Australia-based Macquarie Group announced Tuesday its decision to leave the Net-Zero Banking Alliance (NZBA).

Macquarie Group will be joining the footsteps of several United States-based banks that have exited from the UN-backed coalition after President Donald Trump took office.

Although Macquarie didn't specify why it left the group, the company mentioned in its official statement that its net-zero strategy will still guide its actions.

However, it added its climate strategy was evolving to better meet the needs of clients and comply with government and regulatory requirements.

Rising political pressure

The NZBA -- focused on helping banks achieve global net-zero goals through their financing activities -- grew quickly from 43 banks........

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