Banks face challenges in meeting unrealistic climate goals and implementing net zero commitments due to economic and political complexities.
“Facts that don’t align with ill-informed prejudice are often infuriating. That doesn’t make them wrong. Someone needs to tell the truth about what it’s going to take to get to a net-zero future,” Emily Mir, a spokeswoman for Exxon, said earlier this month. And that's exactly what Judson Berkey at UBS has done, the focus of a new Bloomberg report.
James Vaccaro, Chief Catalyst at Climate Safe Lending Network, added “For banks with substantial capital markets businesses, like those competing with the JPMorgans of the world, it’s fee income that’s on the line here. Ditching clients off track from 1.5C means losing major lines of revenue.” In sum, the financial industry's initial rush to commit to net zero carbon footprints at the 2021 COP26 summit in Glasgow has hit a reality check.
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