In early 2023, the six largest US banks withdrew from the UN-sponsored Net Zero Banking Alliance, facing backlash from conservative lawmakers. This move has raised concerns among environmental advocates who emphasize that voluntary initiatives are inadequate for meaningful climate action. Critics highlight the need for stricter legislation to hold banks accountable for their environmental impact, with calls for continued pressure on these institutions to support decarbonization efforts and combat the influence of right-wing opposition to ESG practices.
In light of the Trump administration's pro-oil-and-gas agenda, over the next four years, activists and policymakers will have to keep the pressure on and push for stricter legislation.
It is quite clear that major US banks will not police themselves, highlighting the need for accountability mechanisms beyond voluntary pledges.
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