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Wall Street breaks from net-zero climate alliance ahead of Trump term
The world’s largest banks have suddenly abandoned the Net-Zero Banking Alliance (NZBA), a global group committed to financing ambitious climate action, mere weeks before President-elect Donald Trump assumes office. The unexpected departure has sparked concerns over the potential impact on greenhouse gas emissions reduction targets.
J.P. Morgan, Wells Fargo, Goldman Sachs, Morgan Stanley, Citigroup and Bank of America have all individually announced their withdrawal from the alliance, citing a desire to focus on independent emission reduction targets. The banks insist they will continue to work towards reducing emissions, but now plan to do so without the NZBA’s guidance.
A representative for J.P. Morgan, one of the first institutions to announce its departure, stated, “We will continue to advance pragmatic solutions that promote low-carbon technologies and energy security, independent of the NZBA.”
BlackRock, the world’s largest investment firm, has also distanced itself from the Net Zero Asset Managers Initiative, another group focused on achieving net-zero emissions by 2050 or sooner.
The sudden exodus of major US banks from these climate-focused organizations raises questions about their commitment to addressing global warming. Critics argue that the banks’ departure is a calculated move to avoid criticism from Trump and his administration, which has historically been skeptical of climate change mitigation efforts.
“This is a lily-livered effort to avoid criticism from Trump and his climate denialist cronies,” said Paddy McCully, a senior analyst at Reclaim Finance. “Just a few years ago, these banks were eager to tout their commitments to act on climate. Now that the political landscape has shifted, it seems they no longer find it necessary.”
The sudden departure of these major financial institutions from climate-focused initiatives comes as a surprise, given their previous enthusiasm for addressing global warming.
Source: www.foxnews.com
