Federal Reserve Abandons Climate Goals
The number of huge banks and financial firms that are members of The Net-Zero Banking Alliance (NZBA), created by the UN, is shrinking rapidly. Now, the Federal Reserve is pulling its support. And, according to The New York Times, “And on Friday, the Federal Reserve withdrew from a network of regulators that studied climate change risk.”
*Hit Hard By Global Warming
Goldman Sachs, Bank of American, Morgan Stanley and every major US bank has pulled out. Environmental goal targets have become less and less popular with major corporations, The banks are only a part of the picture. While the NZBA will remain a viable organization, most members will be medium sized based on the breadth of the industry.
The decision by the Fed and American banks is related to the DEI movement among American companies. Conservative pressure on management, investors, and customers has caused a sharp drop in organizations which support the movement.
More Than Energy Changes
The pendulum has also swung the other way in terms of overall attitude toward energy, which is another means to attack global warming. Government support for green energy has dropped and will fall further under the new admission. And, support for oil production will grow.
So much for organizations that support reversing or stopping climate change.
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