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2024-12-09 21:56:33 UTC
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Permalink'Biggest bank to leave the Net-Zero Banking Alliance'
By Simon Jessop and Virginia Furness
Biggest bank to leave the Net-Zero Banking Alliance
Says it is focused on 'elevated' regulatory requirements
Will continue to report on progress
LONDON, Dec 6 (Reuters) - Goldman Sachs (GS.N), opens new tab said it has quit a sector coalition aimed at aligning bank lending and investment
activities with global efforts to fight climate change, becoming the most high-profile member to leave the group.
The U.S. investment bank's decision comes against a backdrop of pressure from some Republican politicians who have suggested that membership of the
Net-Zero Banking Alliance (NZBA) could breach anti-trust rules.
Goldman Sachs gave no explicit reason for its departure, but focused on its strategy for the future and a growing push by regulators to make
sustainability efforts mandatory.
"We have the capabilities to achieve our goals and to support the sustainability objectives of our clients. Goldman Sachs is also very focused on the
increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world," it said in a statement on Friday.
While it remains unclear what will happen to U.S. rules around climate-related company disclosures under President-elect Donald Trump, many large
U.S. firms including Goldman Sachs will have to disclose under European Union rules.
Banks joining the voluntary NZBA agree to align with the world's aim of reaching net-zero emissions by 2050, set targets to help get them there and
publish progress on their efforts each year, something Goldman Sachs said it would continue to do.
"We have made significant progress in recent years on the firm's net zero goals and we look forward to making further progress, including by
expanding to additional sectors in the coming months," it said.
"Our priorities remain to help our clients achieve their sustainability goals and to measure and report on our progress."
A spokesperson for the NZBA declined to comment when contacted by Reuters.
The bank said in 2019 it would deliver $750 billion of sustainable financing by 2030, and noted it had reached about 75% of this target in its 2023
sustainability report.
CEO David Solomon reiterated Goldman's commitment to the energy sector in this report, saying the bank will continue to finance and advise clients in
the sector, as well as invest in decarbonisation technologies. "We need to do both. It's not an or, it's an and," he wrote.
The bank said it would align its financing activities to support a net zero target by 2050 and has set interim targets to help clients reduce carbon
emissions in the energy, power and automotive sectors.
<https://www.reuters.com/sustainability/sustainable-finance-reporting/goldman-sachs-quits-global-climate-coalition-banks-2024-12-06>
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December:
Russia In The Freezer
India Chills
Northern India's Big Freeze Intensifies
Cold Wave Enters Vietnam
Freezing Lows And Heavy Snows Hit U.S., More To Come
Kashmir Freezes At -18c (-0.4f)
Below Average Antarctic Plateau
Another Round Of Lake-Effect Snow
Cold Waves Lifting Natural Gas Prices
Snow Returns To Scotland And Wider Europe
Global Temperature Tumbles
Antarctic Sea Ice Recovery
Severe Cold Hits Pakistan
Florida Set For Record Cold
Snowy November At Red Mountain
U.S. Battered By Cold And Record Snow
Parts Of Ontario Under A Meter Of Snow
Early-December To Deliver Another Burial To Europe
November:
Six Dead As Record Snowfall Hits South Korea
Farmers In Northern China Struggle During Record Cold/Snow
Harsh Chill Grips India
Canada At -40.6c, Greenland Sees -56.3c
Record Snows Hit Siberia And Russian Far East
ECMWF Forecasts Cold Winter For Europe
Half Of China Registers Record Low Temps, Snow Records Broken
NH Snow Cover Steps Up
Record Russia Snow
Seoul's Heaviest November Snow Since Records Began (In 1907)
Arctic Blast To Impact 230 Million Americans
+ U.S. Cold Front Sends Natgas Futures Soaring Amid Falling Production
India's Cold Wave
Israel's First Snows Of The Season
31 Inches Hit Ukraine
Parts Of Russia Buried
Big White
Northern Hemisphere Burial
Record Cold Headed For Greenland
France Sees Heavy Snow
Turkey Blanketed
Winter Arrives In The U.S.
Record Snowfall In Calgary
Beijing Braces For Cold Wave
Cold, Snowy Europe
England's Lowest Temp Since 2014
Ireland Hits Record Electric Demand
Fierce Winter Forecast For India
Record Snow Clips The U.S.
UK Issued Fresh Snow Warnings
Global Cooling And Storminess
Record Cold And Heavy Snow Grip The Uk
Norway Chills
Harsh Freeze Sweeps Siberia And Mongolia