From Bloomberg via MSN, October 18:
The world’s biggest climate coalition for bankers says it has the right to ignore a proposal that would require members to phase out the financing of fossil fuels.
....MUCH MORETracey McDermott, chair of the Net-Zero Banking Alliance, said in a letter on Monday that the 119-strong group, which counts Deutsche Bank AG, Goldman Sachs Group Inc. and UBS Group AG among signatories, has “an autonomous governance structure and decision making process” and any changes to its guidelines “can only take place in accordance with that governance.”
The clarification was issued after the United Nations-backed Race to Zero campaign, which reviews and accredits net-zero initiatives, updated its criteria in June to put forward more stringent decarbonization targets. That move angered a number of Wall Street firms, with JPMorgan Chase & Co., Morgan Stanley and Bank of America Corp. all threatening to walk out over the issue, people familiar with the matter said last month.
Efforts to reassure bankers that they can continue to finance oil, gas and even coal come less than a month before the COP27 climate summit in Egypt. The event looks set to draw far fewer financial chief executives than attended the COP26 summit in Scotland last year, Bloomberg News has reported....
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