The Collapse of Green Finance Shows Net Zero is Dying

Written by Ben Pile on January 7, 2025. Posted in Current News

According to reports in Bloomberg and the Telegraph, several major U.S.-based financial institutions have recently left the Net Zero Banking Alliance (NZBA).

Yesterday, Morgan Stanley announced that it had pulled out, though offered no reason. This follows Citigroup and Bank of America both quitting the Alliance on Tuesday, and their exit follows Wells Fargo and Goldman Sachs, which both quit earlier in the month.

Though it is mostly U.S.-based, this has altered the global context of climate politics immensely. So what has caused this ‘exodus’, and what happens next?

NZBA is a project of the United Nations Environment Programme’s (UNEP) Finance Initiative (FI), launched in 2021. It convenes figures, plucked from the financial sector, who agree to attempt to align the interests of major financial institutions towards climate outcomes.

It is the fruit of financial news media tycoon Mike Bloomberg’s UN entryism, and his underling, former Governor of the Bank of England and Bank of Canada, now manager of Bloomberg’s business empire, Mark Carney.

Bloomberg and Carney are respectively UN Secretary General Antonio Guterres’s Special Envoy on Climate Ambition and Solutions and Special Envoy for Climate Action and Finance.

See more here Daily Sceptic 

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