The New York Times, April 9, 2024, Banks Made Big Climate Promises. A New Study Doubts They Work.
Two and half years ago, bankers and investors attended the United Nations climate summit in Glasgow, an annual event normally dominated by activists and policymakers. It was considered a milestone as the financial sector agreed to put its might into tackling climate change.
Hundreds of banks, insurers and asset managers vowed to plow $130 trillion in capital into reducing carbon emissions and financing the energy transition as they introduced the Glasgow Financial Alliance for Net Zero. But a recent study, published by the European Central Bank, disputed the effectiveness of those promises.
