Australian Politics Forum - Banks ditching net zero madness

Baronvonrort

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Banks ditching net zero madness
Jan 16^th, 2025 at 5:55pm

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JPMorgan becomes latest U.S. lender to quit Net-Zero Banking Alliance

LONDON, Jan 7 (Reuters) - JPMorgan (JPM.N), opens new tab said on Tuesday it was leaving the Net-Zero Banking Alliance, the latest U.S. lender to quit the sector's biggest climate coalition amid rising U.S. political pressure.

The move means the six biggest banks in the world's largest economy - Goldman Sachs (GS.N), opens new tab, Wells Fargo (WFC.N), opens new tab, Citi (C.N), opens new tab, Bank of America (BAC.N), opens new tab, Morgan Stanley (MS.N), opens new tab and now JPMorgan - have all left the group in the space of a month.

JPMorgan gave no clear reason for leaving the initiative, yet it comes after months of pressure from some Republican politicians who said membership of such coalitions could breach anti-trust rules.
"We will continue to work independently to advance the interests of our Firm, our shareholders and our clients and remain focused on pragmatic solutions to help further low-carbon technologies while advancing energy security," a company spokesperson said in a statement.
"We will also continue to support the banking and investment needs of our clients who are engaged in energy transition and in decarbonizing different sectors of the economy."

https://www.reuters.com/business/environment/jpmorgan-says-leave-net-zero-bankin...

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Bobby.

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Re: Banks ditching net zero madness
Reply #1 - Jan 16^th, 2025 at 6:02pm

https://www.unepfi.org/net-zero-banking/

Bank-led and UN-convened, the Net Zero Banking Alliance is a group of leading global banks committed to aligning their lending, investment, and capital markets activities with net-zero greenhouse gas emissions by 2050.

NZBA’s framework, guidance, and learning opportunities support members to design, set, and achieve credible science-based net-zero targets for 2030 or sooner that deliver value for their investors and clients.

NZBA is the climate accelerator for UNEP FI’s Principles for Responsible Banking (PRB).

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Frank

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Re: Banks ditching net zero madness
Reply #2 - Jan 16^th, 2025 at 6:04pm

Baronvonrort wrote on Jan 16^th, 2025 at 5:55pm:

Quote:

JPMorgan becomes latest U.S. lender to quit Net-Zero Banking Alliance

LONDON, Jan 7 (Reuters) - JPMorgan (JPM.N), opens new tab said on Tuesday it was leaving the Net-Zero Banking Alliance, the latest U.S. lender to quit the sector's biggest climate coalition amid rising U.S. political pressure.

The move means the six biggest banks in the world's largest economy - Goldman Sachs (GS.N), opens new tab, Wells Fargo (WFC.N), opens new tab, Citi (C.N), opens new tab, Bank of America (BAC.N), opens new tab, Morgan Stanley (MS.N), opens new tab and now JPMorgan - have all left the group in the space of a month.

JPMorgan gave no clear reason for leaving the initiative, yet it comes after months of pressure from some Republican politicians who said membership of such coalitions could breach anti-trust rules.
"We will continue to work independently to advance the interests of our Firm, our shareholders and our clients and remain focused on pragmatic solutions to help further low-carbon technologies while advancing energy security," a company spokesperson said in a statement.
"We will also continue to support the banking and investment needs of our clients who are engaged in energy transition and in decarbonizing different sectors of the economy."

https://www.reuters.com/business/environment/jpmorgan-says-leave-net-zero-bankin...

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Bobby. Moderator Offline Australian Politics Posts: 105639 Melbourne Gender:	Re: Banks ditching net zero madness Reply #3 - Jan 16^th, 2025 at 6:06pm Meanwhile China builds a new coal fired power station every week and you can hardly breathe in Beijing - it's so polluted with smog. Go figure?
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