article thumbnail

Banks flout net-zero targets to cash in on the next LNG boom

Corporate Knights

Liquefied natural gas developers have expansion plans that could release 10 additional metric gigatons of climate pollution by 2030, and major banks and investors are enabling them to the tune of nearly $500 billion. Many large banks have pledged to reach net-zero emissions, yet they are still financing the LNG boom. Citigroup (U.S.)

Net Zero 252
article thumbnail

Insights from green banking: What keeps customers from switching banks?

GreenBiz

Insights from green banking: What keeps customers from switching banks? Wed, 02/17/2021 - 00:05. ESG may be all the rage, but what about retail banking? The deposits you make at your retail bank for personal and business accounts sustain the bank’s ability to make loans and investments. Diane Osgood.

Banking 499
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Wells Fargo Leaves Climate-Focused Banking Initiative

ESG Today

Wells Fargo has decided to exit the Net-Zero Banking Alliance (NZBA), marking the second major departure from the UN-backed coalition of banks dedicated to advancing global net zero goals through their financing activities, following Goldman Sachs earlier this month. Five banks have decided to leave over the same period.

Banking 139
article thumbnail

Goldman Sachs Exits Net Zero Banking Alliance

ESG Today

Goldman Sachs has chosen to exit the Net-Zero Banking Alliance (NZBA), ESG Today has confirmed, marking the first high profile departure from the UN-backed coalition of banks dedicated to advancing global net zero goals through their financing activities. Notably, the firm set this goal prior to joining the NZBA in October 2021.

Net Zero 125
article thumbnail

Investors crank up the heat on bank fossil fuel financing

Corporate Knights

New research reveals that banks are doing little to finance a low-carbon future, while investing trillions in multinational oil companies, some of which have doubled their profits in the last year. During that timeframe, the banks continued to pour $2.3 billion in 2016 and $34.5 billion in 2016 and $34.5 org, on his website.

Banking 351
article thumbnail

Canadian Banks Follow U.S. Peers Out of Net Zero Banking Alliance

ESG Today

Most of Canadas major banks have elected to exit the Net-Zero Banking Alliance (NZBA), continuing a largely North America-focused exodus from the UN-backed coalition of banks dedicated to advancing global net zero goals through their financing activities, kicked off last month by their Wall Street peers.

Net Zero 125
article thumbnail

JPMorgan Chase wants to be the commercial bank for ‘green economy’ companies

GreenBiz

JPMorgan Chase wants to be the commercial bank for ‘green economy’ companies. Mon, 04/12/2021 - 00:05. Part of the commercial banking division, the group will include dedicated bankers led by Brian Lehman, who most recently led the JPMorgan Chase diversified financials team. Heather Clancy. The largest U.S. Sponsored Article.

Banking 404