Net-Zero Banking Alliance Becomes A Joke
The Net-Zero Banking Alliance is a UN-backed climate organization. It says it is a “science-based sectoral 2030 target for its financed emissions using 1.5°C scenarios” that includes 100 banks. The figure is getting smaller as almost every major American bank has dropped out.
The most recent US firm to exit the group is Morgan Stanley. It joins Goldman Sachs, Wells Fargo, and Bank of America.
The exits are because these financial firms have received pressure from customers, clients, and shareholders. These groups do not want money spent on reaching environmental targets. It is part of a more significant business trend that signals that making money is more important than the climate. After all, public companies are accountable to their shareholders, which is the position their boards of directors have taken for years.
Other Industries
It is too narrow to believe these trends are part of the banking business only. It would be hard to find a sector where money spent by companies to prevent climate change remains a priority. In turn, this means that there is another reason to think the pace of global warming will continue.
There is less and less reason for The Net-Zero Banking Alliance to exist at all. Without the leaders in the industry, it has lost its relevance.
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