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The Sudden Shift in Big Banks' Stance on Fighting Climate Change

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Near the end of 2024, the world's hottest year on record, major U.S. banks and asset managers withdrew from initiatives under which they had committed to adhere to lending and business practices that would help achieve net zero greenhouse gas emissions by 2050.
The article from MSN discusses a notable shift in the stance of major banks regarding their involvement in climate change initiatives. Previously, big banks were increasingly aligning with environmental, social, and governance (ESG) criteria, committing to reduce their carbon footprint and support green initiatives. However, recent developments show a reversal in this trend. Banks like JPMorgan Chase, Bank of America, and Citigroup have either scaled back or completely withdrawn from climate-focused alliances like the Glasgow Financial Alliance for Net Zero (GFANZ). This retreat is attributed to several factors including political pressure from Republican lawmakers who have criticized these commitments as potentially violating antitrust laws, and a broader backlash against ESG investing. Additionally, there's a growing concern about the financial implications of these commitments, with banks facing potential losses from fossil fuel divestment and regulatory scrutiny. This shift indicates a complex balancing act for banks between environmental responsibility and economic profitability, highlighting the challenges in aligning financial strategies with climate goals.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/the-sudden-shift-in-big-banks-stance-on-fighting-climate-change/ar-AA1xB9Xx ]