Wall Street bails on climate change coalition after Republican pressure

The financial sector appears to be getting cold feet about efforts to curb the effects of climate change. The first bank to do so was Goldman Sachs, which exactly one month ago announced it was leaving the NZBA because their institution had supposedly “made significant progress in recent years on the firm's net zero goals and we look forward to making further progress.” They were swiftly followed by Wells Fargo, Citi, Bank of America and Morgan Stanley. Despite the alarm of climate scientists, Reuters reports the Big Six banks are reacting to pressure from Republican politicians who oppose taking climate action on principle. A Bank of America spokesperson said the financial institution would “continue to work with clients on this issue and meet their needs,” while Morgan Stanley said its “commitment to net-zero remains unchanged.” Because large banks provide fossil fuel companies with the investments they need to do business, climate activists often point to large banks as main culprits in climate change. Speaking with Salon in June, the Sierra Club's Fossil-Free Finance senior campaign strategist Adèle Shraiman explained that “banks can play a key role in driving the climate crisis through their financing activities.” She added, “Many of the world’s largest banks, including the top banks on Wall Street, lend billions of dollars to fossil fuel companies, enabling the buildout of the deadly and destructive industry that is most responsible for the greenhouse gas emissions causing climate change."