The Biggest US Banks Have All Backed Out of a Commitment to Reach Net Zero
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Summary
All six of the biggest US banks have withdrawn from the Net Zero Banking Alliance ahead of the country’s presidential inauguration.
Nineteen Republican attorneys general sent civil investigative demands to the banks in 2022, which they regarded as beholden to “the woke climate agenda” and a violation of antitrust laws.
The Net Zero Banking Alliance is a United Nations initiative that asks member banks to commit to achieving net-zero greenhouse emissions by 2050.
It is voluntary and does not have any enforcement authority.
Environmental advocates say that voluntary initiatives are not enough to make the banking industry decarbonize.
States and international policymakers should push for stricter legislation on banks, says one campaigner, adding: “It is quite clear that major US banks will not police themselves.
