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Summary

Banks Withdraw from UN Climate Initiative

This is a California news story, published by Wired, that relates primarily to * Bank of America news.

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Net Zero Banking Alliance
Wired

Wired

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Science

Science

The Biggest US Banks Have All Backed Out of a Commitment to Reach Net Zero

Wired
Summary
Nutrition label

84% Informative

Bank of America , Citigroup , Goldman Sachs , JP Morgan , Morgan Stanley , and Wells Fargo left the Net Zero Banking Alliance.

The alliance asks member banks to commit to achieving net-zero greenhouse gas emissions across their operations and “lending and investment portfolios” by 2050 , and to set intermediary emission-reduction targets for 2030 and every five years thereafter.

Environmental advocates say voluntary initiatives have never been sufficient to drive the sector's decarbonization.

Laws like California ’s bring to light the financial instability wrought by fossil-fuel-driven climate change.

According to a landmark 2021 report, no new oil, gas, and coal infrastructure can be built if the world is to limit global warming to 1.5 degrees Celsius ( 2.7 degrees Fahrenheit ) A better way for policymakers to limit new fossil fuel projects is to look beyond banking.

VR Score

84

Informative language

82

Neutral language

58

Article tone

semi-formal

Language

English

Language complexity

65

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

External references

22

https://www.bankingonclimatechaos.org/https://www.cbc.ca/news/business/canada-banks-leave-net-zero-banking-alliance-1.7435273https://grist.org/politics/us-leaving-paris-agreement-trump-deregulatory-agenda/?_thumbnail_id=657536https://www.ropesgray.com/en/insights/viewpoints/102iyxw/another-proposed-corporate-climate-disclosure-requirement-the-illinois-climatehttps://www.iea.org/reports/net-zero-by-2050https://www.sierraclub.org/press-releases/2023/09/investors-file-climate-shareholder-resolutions-major-us-canadian-bankshttps://www.usnews.com/banking/articles/biggest-banks-in-americahttps://www.netzeroinvestor.net/news-and-views/attorneys-general-issue-anti-esg-demands-to-big-six-us-bankshttps://www.responsible-investor.com/nzba-banks-being-left-at-the-altar-by-government-inaction-on-climate/https://www.bloomberg.com/news/articles/2023-02-06/green-banks-are-starting-to-leave-net-zero-industry-group?sref=wINQCNXehttps://www.esgdive.com/news/new-york-reintroduces-bills-seeking-climate-risk-emissions-disclosures/739365/#:~:text=Another%20bill%20focused%20on%20climate,was%20introduced%20in%20October%202023https://grist.org/buildings/the-fossil-fuel-industry-is-trying-to-keep-buildings-hooked-on-gas-heres-how/https://www.reuters.com/sustainability/climate-energy/wells-fargo-drops-financed-emissions-target-amid-esg-rethink-2025-02-28/https://insightplus.bakermckenzie.com/bm/banking-finance_1/european-union-csddd-no-escape-for-the-financial-sectorhttps://www.climatedesk.org/https://www.bloomberg.com/news/articles/2022-09-21/jpmorgan-morgan-stanley-signal-doubts-on-carney-s-climate-group?sref=wINQCNXehttp://www.asyousow.org/resolutions/2023/12/07-morgan-stanley-report-climate-transition-planninghttps://www.asyousow.org/resolutions/2023/11/17-goldman-sachs-report-on-climate-transition-planninghttps://www.unepfi.org/industries/banking/43-banks-launch-net-zero-banking-alliance-as-key-part-of-consolidated-glasgow-cop-climate-action/https://www.courthousenews.com/judge-dismisses-in-part-us-chamber-of-commerce-lawsuit-over-california-climate-laws/http://www.asyousow.org/resolutions/2023/12/04-jpmorgan-chase-report-climate-transition-planninghttps://grist.org/accountability/big-banks-abandoned-a-voluntary-climate-alliance-now-critics-are-calling-for-new-laws/

Source diversity

17

www.bankingonclimatechaos.orgwww.cbc.cagrist.orgwww.ropesgray.comwww.iea.orgwww.sierraclub.orgwww.usnews.comwww.netzeroinvestor.netwww.responsible-investor.comwww.bloomberg.comwww.esgdive.comwww.reuters.cominsightplus.bakermckenzie.comwww.climatedesk.orgwww.asyousow.orgwww.unepfi.orgwww.courthousenews.com

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