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Financial firms leave climate agreements (2024)
| Environmental, social, and corporate governance |
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Goldman Sachs and Frankin Templeton announced last week their companies had left the Net-Zero Banking Alliance (NZBA) and Climate Action 100+, respectively.
The departures continued the trend of large American companies leaving financial climate initiatives this year. Banks and other financial firms have faced pressure from elected officials over their participation in climate agreements, with some attorneys general alleging participation could violate anti-trust laws.
According to Reuters:
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Goldman Sachs said it has quit a sector coalition aimed at aligning bank lending and investment activities with global efforts to fight climate change, becoming the most high-profile member to leave the group. The U.S. investment bank's decision comes against a backdrop of pressure from some Republican politicians who have suggested that membership of the Net-Zero Banking Alliance (NZBA) could breach anti-trust rules. Goldman Sachs gave no explicit reason for its departure, but focused on its strategy for the future and a growing push by regulators to make sustainability efforts mandatory.[1] |
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According to Responsible Investor:
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Franklin Templeton has withdrawn from Climate Action 100+, Responsible Investor can reveal. The $1.5 trillion US asset manager said in a statement that after 'careful thought and consideration', it had decided not to renew its status as a signatory with CA100+, effective 1 December. … Three Franklin Templeton subsidiaries, Brandywine Global, Western Asset Management and Clearbridge Investments, have also previously dropped out of CA100+.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
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