Climate cartel frays as Goldman Sachs exits global Green Banking Alliance
By
Bonner Cohen, Ph. D.
|
December 31st, 2024
One month after the election of Donald Trump, and amid a deepening economic crisis in Europe, investment banking giant Goldman Sachs has broken ranks with a U.N.-sponsored coalition of high-end banks, dedicated to directing funds away from fossil-fuel projects worldwide.
In abruptly walking away from the Net-Zero Banking Alliance (NZBA), New York-based Goldman Sachs is signaling that its financial interests may no longer be served by aligning itself with climate-centric lending and investments practices now clearly at odds with emerging political realities in Washington and elsewhere.
In a bland statement announcing its decision, Goldman Sachs gave no explicit reason for its departure, choosing instead to emphasize its continued compliance with climate-related reporting requirements imposed by international regulators.
“We have the capabilities to achieve our goals and to support the sustainability objectives of our clients,” the company said in a statement, according to Reuters.
https://www.reuters.com/sustainability/sustainable-finance-reporting/goldman-sachs-quits-global-climate-coalition-banks-2024-12-06/https://www.cfact.org/2024/12/31/climate-cartel-frays-as-goldman-sachs-exits-global-green-banking-alliance/
