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POLITICO
The absence of major U.S. banks set off alarms among climate advocates.
Wells Fargo was not among the initial signatories for the so-called Net-Zero Banking Alliance. | Damian Dovarganes/AP Photo
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A new financial sector climate change initiative unveiled Wednesday included notable absences from Wall Street, raising questions about whether some of the biggest U.S. banks will follow through on sweeping sustainability pledges.
JPMorgan Chase, Goldman Sachs and Wells Fargo weren’t among the initial signatories for the so-called Net-Zero Banking Alliance, even though counterparts Morgan Stanley, Bank of America and Citigroup enlisted. The banking group is part of the broader Glasgow Financial Alliance for Net Zero chaired by former Bank of England Governor Mark Carney, now the UN Special Envoy on Climate Action and Finance.
POOL New/AFP/Getty Images
Banks, insurers and fund managers that control US$70-trillion of assets have banded together to use their financial might in efforts to speed up the global transition to a net-zero emissions economy with the aim of preventing the worst effects of climate change.
Led by Mark Carney, former governor of the central banks of Canada and England, and now United Nations Special Envoy on Climate Action and Finance, the 160 companies involved have pledged to “mobilize” the trillions of dollars needed to make the changes that will help countries deliver commitments under the Paris Agreement.
The agreement would limit the global temperature rise to 1.5 C to 2 C by achieving net-zero emissions by 2050. Getting to net zero involves simultaneously reducing greenhouse gas emissions and offsetting those that can’t be cut. The financial institutions announced their group, called the Glasgow Financial Alliance for Net Zero, or GFANZ, ahead of the next UN climate summ
John Morton, previously a climate change financial adviser, will head the new “climate hub.” By Chip Somodevilla/Getty Images
Story at a glance:
Treasury Secretary Janet Yellen appointed John Morton, who served in a senior climate post in the Obama administration and has 25 years of experience in green energy consulting and financing.
“Net-zero” carbon emissions has to be achieve by 2050 in the U.S.
Some climate activists wanted someone who would be tougher on Wall Street such as Sarah Bloom Raskin, former Treasury deputy secretary and Fed governor.
On Monday, Treasury Secretary Janet Yellen named John Morton, a climate change financial adviser who also served in a senior climate position in the Obama administration, to be the department’s first-ever climate counselor.
By: Francisco Rendon
Matt Cosby
Arm In ArmREVERB co-founders Adam Gardner and Lauren Sullivan pose with Jack Johnson (center) at Darling’s Waterfront Pavilion in Bangor, Maine, in 2017.Many in the touring industry have long bemoaned the practices of consumption, pollution and waste that have been business as usual at major events. In 2004, Lauren Sullivan and Adam Gardner decided they would do something about it.
Step by step, the REVERB co-founders have learned how tours can better understand their consumption habits and carbon footprint, how to educate others, how to impact policy around key issues, and how to raise funds to make a difference. Today, it’s no exaggeration to say REVERB is one of the leaders in the field.