Many of the largest U.S. banks and asset managers are retreating from their climate commitments amid rising federal scrutiny and an assault on environmentally conscious investing in state legislatures.
As more stringent federal oversight looms and bills to blacklist and in some cases criminalize banks that refuse to invest in fossil fuels are proposed in statehouses across the country, many banks have in different ways backpedaled — at least rhetorically — on steps they have taken since the 2015 Paris Climate Accords toward slowing the warming of the planet by financing a gradual transition away from fossil fuels.
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