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

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
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Hate speech
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22
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17
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