Adrienne Butler notes that, after COP26, the Net Zero Banking Alliance (NZBA) was set up, many global banks rushed to commit to this voluntary body to align "lending and investment portfolios with net zero emissions by 2050".This didn't, however, seem to change their behaviour. Members of NZBA actually lent more to fossil fuel consortia than non-members. The impending US governmental changes has led to a rush for the door. Since the start of December 2024, six major US banks have left the NZBA (https://www.theguardian.com/commentisfree/2025/jan/15/woke-capital-net-zero-banking-alliance). Banks, especially in the US, appear worried about being labelled as 'woke capital'. There's even been suggestions that banks will be sued for discrimination, by not lending to coal companies. What we have is confirmation of two truisms. Firstly, most banks only want the appearance of acting in the best interests of humanity. They crave maximising profits. Secondly, the fossil fuel companies have all the cash. They ought to be paying for their environmental damage but in stead they use their massive financial reserves to avoid any curtailing of their activities.
No comments:
Post a Comment