Our Planet Climate and Geopolitics
One to file under “anticipatory obedience” ahead of Donald Trump’s second term: since December the six biggest US banks have all quit the UN-sponsored net zero alliance.
JPMorgan, the last to leave the group, says it remains “focused on pragmatic solutions to help further low-carbon technologies while advancing energy security”.
Although some of the banks have issued statements emphasising their continued commitment to net zero, major US financial firms face growing political and legal pressures to distance themselves from climate initiatives.
In November, Republican-led states sued large asset managers including BlackRock and Vanguard. They alleged antitrust violations linked to climate activism. An analyst who talked to the Guardian suggested the departure of the US banks from the global alliance would allow the remaining 141 banks to go further on net zero.
But the loss of six heavyweights still means the loss of trillions of dollars in assets from the fight.
