Mark Carney conceded that banks were resisting his financial alliance to tackle climate change because they feared that adhering to the rules about lending to fossil fuel companies would expose them to legal claims. Wall Street banks, including JPMorgan, Morgan Stanley and Bank of America, are among those that have threatened to leave the group, as first reported by the Financial Times. The former governor of the Bank of England said on Wednesday that so-called guidance on lending may have “gone too far” and had been changed to accommodate the banks’ concerns over strict targets on phasing out coal, oil and gas set by the Race to Zero campaign, a UN-led net zero emissions standards body that accredits pledges made by the alliance. Read More...
Mark Carney conceded that banks were resisting his financial alliance to tackle climate change because they feared that adhering to the rules about lending to fossil fuel companies would expose them to legal claims. Wall Street banks, including JPMorgan, Morgan Stanley and Bank of America, are among those that have threatened to leave the group, as first reported by the Financial Times. The former governor of the Bank of England said on Wednesday that so-called guidance on lending may have “gone too far” and had been changed to accommodate the banks’ concerns over strict targets on phasing out coal, oil and gas set by the Race to Zero campaign, a UN-led net zero emissions standards body that accredits pledges made by the alliance.
