A recent report suggests financial institutions are stepping back from emission pledges, potentially hindering efforts to combat climate change.
Bill McKibben writes for The New Yorker.
In short:
- Financial institutions are reconsidering their commitments to reduce emissions, potentially undermining global efforts to combat climate change.
- Several major banks have withdrawn from climate action groups, citing concerns about potential lawsuits and financial risks associated with supporting an energy transition.
- The retreat of financial institutions from climate commitments highlights the challenges in transitioning away from fossil fuels.
Key quote:
" ... weather seems not to matter as much as the political climate, and the people who run the world’s oil companies seem to feel that they’ve come out the other side of their latest heat wave intact."
— Bill McKibben, founder of Third Act
Why this matters:
The global response to climate change has also been hampered by the withdrawal of certain key players from international agreements and the reluctance of others to fully commit to ambitious targets. The lack of unified action at the governmental level has slowed progress and raised doubts about our ability to meet the objectives outlined in agreements like the Paris Agreement.
