Several American banks decide to jump ship within the global banking alliance for the climate.
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After Bank of America, Goldman Sachs and Citigroup, it is now the turn of Morgan Stanley to announce its departure, without giving any justification.
“We want to contribute to the decarbonization of the real economy by providing our clients with the advice and capital necessary to transform business models and reduce the intensity of carbon emissions,” the bank said on Friday. press release of which BFMTV obtained a copy.
The imminent arrival of Donald Trump could have an impact on this decision, indicated the Belgian economic media The Echo.
Indeed, several Republican Party officials have criticized American banks for this membership, accusing them of violating competition rules by limiting financing of fossil fuel companies.
For its part, JPMorgan Chase, the largest American bank, remains for the moment a member of the global banking alliance for the climate, even though it had threatened to leave two years previously.
Organized by the UN, the Global Climate Alliance is a group of global banks that have committed to achieving net zero greenhouse gas emissions in their operations by 2050.
The group brings together just over 140 banks from around 40 countries.
Note that the majority of Canadian banks are also part of this association.
Lists of Canadian banks included in the Global Climate Banking Alliance
- BMO
- CIBC
- Coast Capital
- National Bank
- Royal Bank of Canada
- Bank Scotia
- TD Bank
- Vancity
Source: Global Climate Alliance
