{"id":233260,"date":"2022-12-10T13:26:40","date_gmt":"2022-12-10T12:26:40","guid":{"rendered":"https:\/\/climatescience.press\/?p=233260"},"modified":"2022-12-10T13:26:48","modified_gmt":"2022-12-10T12:26:48","slug":"wall-streets-biggest-names-are-backing-off-their-climate-commitments","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=233260","title":{"rendered":"Wall Street\u2019s Biggest Names Are Backing Off Their Climate Commitments"},"content":{"rendered":"\n
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Money in flying in the sky.<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

Finance giants don\u2019t like hefty fines for exaggerating their supposed climate virtues, or law suits for not acting in the best interests of their clients. Solution: leave their net-zero climate club.<\/em>
\u2013 \u2013 \u2013
Vanguard, the world\u2019s second-largest asset manager, announced that it is resigning from a global net-zero initiative.
. . .
Shortly before COP26, last year\u2019s United Nations climate conference in Glasgow, financial institutions were rushing to announce their climate commitments, says Grist (via Gizmodo)<\/a>.<\/em><\/p>\n\n\n\n

The conference\u2019s leadership and Mark Carney, a special envoy appointed by the United Nations to push private finance to invest in climate solutions, announced the creation of the Glasgow Financial Alliance for Net-Zero, or GFANZ.<\/p>\n\n\n\n

The initiative\u2019s goal was to increase the number of financial institutions committed to net-zero principles \u2014 essentially a promise that the work done by these institutions (investing, lending money, managing major assets like pension funds) would not cause an overall increase in the world\u2019s carbon emissions.<\/p>\n\n\n\n

During the conference, Carney announced that the coalition had grown to 450 firms responsible for $130 trillion in assets, a pot of wealth equivalent to more than five times the gross domestic product of the United States.<\/p>\n\n\n\n

\u201cYou need things like GFANZ that are relentlessly, ruthlessly, absolutely focused on that transition to net-zero,\u201d he told Bloomberg at the time.<\/p>\n\n\n\n

But just a year later, many Wall Street firms are backtracking.
. . .
The discussion is complicated by the fact that many fossil fuel investments managed by Vanguard and other asset management firms are held in index funds that track the performance of the overall stock market \u2014 the kind that many American workers use to save for retirement, for example.<\/p>\n\n\n\n

These index funds invest in a broad range of companies regardless of those companies\u2019 carbon emissions, and GFANZ didn\u2019t change that \u2014 in part because changing the makeup of a fund would require the approval of investors and could result in legal challenges.<\/p>\n\n\n\n

Full article\u00a0here<\/a>.<\/em><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

via Tallbloke’s Talkshop<\/mark><\/em><\/strong><\/p>\n\n\n\n

\u00a0December 10, 2022 by\u00a0oldbrew<\/strong><\/p>\n\n\n\n

Wall Street\u2019s Biggest Names Are Backing Off Their Climate Commitments \u2014 Tallbloke’s Talkshop<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Finance giants don\u2019t like hefty fines for exaggerating their supposed climate virtues, or law suits for not acting in the best interests of their clients. Solution: leave their net-zero climate club.<\/p>\n","protected":false},"author":121246920,"featured_media":233265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":{"0":"post-233260","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","9":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/12\/00Dollarphotoclub_59646753.jpg?fit=1936%2C1296&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-YGg","jetpack-related-posts":[{"id":381108,"url":"https:\/\/climatescience.press\/?p=381108","url_meta":{"origin":233260,"position":0},"title":"Financials Shift from \u2018Green\u2019 Agenda to Greenbacks","author":"uwe.roland.gross","date":"01\/06\/2025","format":false,"excerpt":"In a slow but steady retreat, the world\u2019s most powerful financial institutions are abandoning their once-lauded climate pledges in the beginning of a long-overdue correction.","rel":"","context":"In \"BlackRock\"","block_context":{"text":"BlackRock","link":"https:\/\/climatescience.press\/?tag=blackrock"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/06\/0ChatGPT-Image-1.-Juni-2025-12_39_37.png?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/06\/0ChatGPT-Image-1.-Juni-2025-12_39_37.png?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/06\/0ChatGPT-Image-1.-Juni-2025-12_39_37.png?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/06\/0ChatGPT-Image-1.-Juni-2025-12_39_37.png?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":362875,"url":"https:\/\/climatescience.press\/?p=362875","url_meta":{"origin":233260,"position":1},"title":"Big banks\u2019 retreat from climate alliance an encouraging step toward dismantling ESG","author":"uwe.roland.gross","date":"21\/01\/2025","format":false,"excerpt":"In clear preparation for President Trump\u2019s second term, six of America\u2019s largest banks \u2013 Citigroup, Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo \u2013 have made an exodus from the leading woke climate alliance.","rel":"","context":"In \"America\u2019s largest banks\"","block_context":{"text":"America\u2019s largest banks","link":"https:\/\/climatescience.press\/?tag=americas-largest-banks"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/00thumbnail-31-what-is-esg-1.jpg__1600x900_q85_crop_subsampling-2.jpg?fit=1200%2C782&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/00thumbnail-31-what-is-esg-1.jpg__1600x900_q85_crop_subsampling-2.jpg?fit=1200%2C782&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/00thumbnail-31-what-is-esg-1.jpg__1600x900_q85_crop_subsampling-2.jpg?fit=1200%2C782&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/00thumbnail-31-what-is-esg-1.jpg__1600x900_q85_crop_subsampling-2.jpg?fit=1200%2C782&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/00thumbnail-31-what-is-esg-1.jpg__1600x900_q85_crop_subsampling-2.jpg?fit=1200%2C782&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":376199,"url":"https:\/\/climatescience.press\/?p=376199","url_meta":{"origin":233260,"position":2},"title":"Airbus\u2019s Hydrogen Fantasy Crash Lands","author":"uwe.roland.gross","date":"24\/04\/2025","format":false,"excerpt":"For years, Airbus held a front-row seat in the theater of climate virtue signaling. With grand fanfare and a hefty \u20ac1.5 billion injection from French taxpayers during COVID-era bailouts, the European aerospace titan promised a hydrogen-powered, zero-emission aircraft by 2035. 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