Mark Carney described the GFANZ initiative as a watershed moment for financial alignment in support of the energy transition, highlighting its significance in combatting climate change.
Despite significant growth with over 140 participating banks, the withdrawal of major U.S. banks from the Net-Zero Banking Alliance raises concerns about the durability of climate finance commitments.
Analysts suggest that fears of political backlash, particularly from the resurgence of Trump, are causing U.S. banks to prioritize their safety over climate commitments, contributing to departures from the NZBA.
The departure of key banks from climate initiatives not only risks undermining collective commitments to net-zero goals but also raises alarms regarding the future of sustainable investment practices.
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