Disappointing to see CIBC, TD, BMO and National Bank all flee the Net Zero Banking Alliance even though it was a mediocre climate initiative. When LA is on fire & after the hottest year on record, climate backtracking is really out of touch. #netzero #fires www.theglobeandmail.com/business/art... - ThreadSky

richardbrooks.bsky.social • 45 days ago

Disappointing to see CIBC, TD, BMO and National Bank all flee the Net Zero Banking Alliance even though it was a mediocre climate initiative.

When LA is on fire & after the hottest year on record, climate backtracking is really out of touch.

#netzero #fires
https://www.theglobeandmail.com/business/article-bmo-quits-global-banking-alliance-aimed-at-meeting-climate-goals/

Comments

brettlittle.bsky.social•45 days ago

Was it all just greenwashing anyway?

richardbrooks.bsky.social•45 days ago

Pretty much. We warned NZBA, GFANZ 3 years ago before the Glasgow COP that lowering standards to allow the US & CDN banks, with their awful fossil fuel financing records, was going to just hurt work in this alliance. They gained green cover and slowed a lot of progress.

https://stand.earth/press-releases/90-groups-criticize-carneys-green-finance-alliances-as-greenwashing-ahead-of-cop26/

brettlittle.bsky.social•44 days ago

Was anything ever even 3rd party verified?

richardbrooks.bsky.social•44 days ago

Just a lot of self reporting. Some of the banks follow TCFD guidelines for their reporting. But reporting financing of fossil fuels is not a verifiable net zero action plan. The time for disclosure is past. We need tangible real world actions.

richardbrooks.bsky.social•45 days ago

But now at least these big fossil fuels in financing banks lose some of their greenwashing cover. They fooled investors for 3+ years and join their US bank brethren in revealing their true climate colors.

#netzero #esg
https://www.reuters.com/business/finance/bmo-becomes-first-canadian-bank-withdraw-net-zero-banking-alliance-2025-01-17/

giantwhispers.bsky.social•45 days ago

#NetZero was a perfect greenwash opportunity to let unscrupulous institutions make empty #climate promises without actually getting off fossil fuels.

But who could have known? Well for one, the global #climatejustice movement. Next time let's listen to them & keep our eyes on the prize: #RealZero.

richardbrooks.bsky.social•45 days ago

Ones got to wonder a bit with all the talk about the need for a unified Team Canada how it looks that these Canadian leaders of industry rush to join their US bank bros?

https://stand.earth/press-releases/canadian-banks-signal-nzba-exit/

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