Wells Fargo Exits Net-Zero Banking Alliance: A Pragmatic Rejection of the “Climate Cartel”
17 hours ago Charles Rotter
https://www.bloomberg.com/news/articles/2024-12-20/wells-fargo-says-it-s-quitting-climate-finance-group-for-banksWells Fargo’s decision to leave the Net-Zero Banking Alliance (NZBA) is a stark reminder that not everyone in the financial sector is willing to unquestioningly follow the climate orthodoxy. As one of the largest financiers of the fossil fuel industry, the bank’s departure highlights growing skepticism about the necessity—and even the legitimacy—of these alliances. Following on the heels of Goldman Sachs, which left the NZBA earlier this month, Wells Fargo’s exit marks a turning point for the global push toward so-called “climate finance.”
Congressman Jim Jordan, chairman of the House Judiciary Committee, has characterized environmental coalitions like the NZBA as a “climate cartel,” accusing them of fostering collusion, manipulating markets, and inflating energy prices. His committee has found what it describes as “substantial evidence of collusion and anticompetitive behavior” by financial firms tied to these alliances. Against this backdrop, Wells Fargo’s decision reflects a rational distancing from initiatives that are not only fraught with legal risks but also based on highly uncertain and contested climate science.
https://wattsupwiththat.com/2024/12/21/wells-fargo-exits-net-zero-banking-alliance-a-pragmatic-rejection-of-the-climate-cartel/
