US banks cancel green and woke policies imposed by Davos
(EU lags behind, of course...)
By Francesca de Villasmundo for Medias-Presse.Info
Trump effect: Davos-imposed green (ESG) and woke (DEI) policies are collapsing. The major US banks have all withdrawn in the last month from an ambitious UN-backed banking alliance pledging to achieve net-zero carbon emissions by 2050.
Green and woke policies imposed by Davos are collapsing
The exodus of major banks from the climate finance alliance has the green lobbies who live off climate finance, the progressives who are nihilists, and the Khmer Greens who are potential red tyrants trembling. Major US banks, including JPMorgan Chase, Morgan Stanley, Goldman Sachs, Wells Fargo, Citibank, and Bank of America, have all withdrawn in the past month from the United Nations-backed Net-Zero Banking Alliance (NZBA), a banking alliance committed to achieving net-zero carbon emissions by 2050.
Executives and consultants said the conservative backlash that began with the election of Donald Trump has pushed diversity, equity and inclusion ( ESG ) policies to the bottom of corporate priorities, a trend that some experts say could accelerate with the arrival of the new Trump administration.
Additionally, conservatives have campaigned against companies that implement DEI (Diversity, Equity and Inclusion) policies that go hand in hand with ESG policies, accusing them of engaging in “woke” practices.
Largest US banks exit climate coalition
Thus, Goldman Sachs announced its exit from the Net-Zero Banking Alliance (NZBA) on December 6, followed shortly after by Wells Fargo, Citigroup, Bank of America, Morgan Stanley and most recently JP Morgan on January 7.
The departure of some of the world's biggest lenders means the NZBA, whose members aim to align their financing with the global fight against 'climate change', now no longer includes any of the big six US banks.
The exodus was prompted largely by Republican politicians warning that joining the group, particularly if it led to reduced funding for fossil fuel companies, could violate antitrust rules.
Banks that withdrew could now reduce their commitments to green policies imposed by Davos.
BlackRock, the poster child of the environmental, social and governance investment movement, also withdraws from the Climate Coalition and backtracks on ESG
The Wall Street Journal also confirms that BlackRock is also pulling out of the Climate Coalition and backtracking on ESG. The world’s largest asset manager is the latest Wall Street firm to abandon climate groups, a remarkable turnaround for a company that was once the poster child for the environmental, social and governance investing movement.
This backtracking from the crazy green and woke policies theorized by the World Economic Forum in Davos is another positive Trump effect in the United States. Which the European Union is not ready to follow, continuing to impose its exclusive Low Emission Zones and its DPEs* on European nations. Brussels remains decidedly the best student of Davos, whatever the human and economic cost.
Francesca de Villasmundo
*DPE : Diagnostic de Performance Énergétique = Energy Performance Diagnostic
It's fashionable now to be against ESG, but its critics appear not to even know what it is. ESG does not impinge on anyone's freedom. It's an investment strategy that's been going on for decades. If I don't like it, I can invest in other mutual funds. Or I can communicate with a fund manager and tell them why I think a particular ESG policy of theirs is wrong. Being against all ESG investments is similar to being against all boycotts.
Hope the 2025 winning is just getting started.