Goldman Sachs has left another climate coalition that uses members’ financial leverage to advance net-zero emissions goals - but says it won’t stop discriminating against industry sectors and capital-seekers based on net-zero emissions ideology.
On Friday, the giant global investment banking, securities and investment management firm issued a statement reporting its exit from the Net-Zero Banking Alliance (NZBA). In August, Goldman Sachs Asset Management ended its participation in Climate Action 100+, another climate change ideology investment network, on the eve of a deadline to respond to a Judiciary Committee collusion probe. The Climate Action 100+ cartel “targets” companies that are seeking capital.
Net-Zero Banking Alliance is one arm of a global, UN-backed initiative to impose net-zero emissions by refusing to provide capital to sectors that produce, and companies that use, traditional energy, in favor of so-called “green” energy.
The Alliance imposes climate agenda goals and guidelines on its members, as ESG Today explains:
“Founded in 2021, the Net-Zero Banking Alliance is a coalition of 145 banks spanning 44 countries and representing approximately $74 trillion in assets. Members of the NZBA commit to transitioning operational and attributable greenhouse gas (GHG) emissions from their financing activities to align with net zero pathways by 2050, and to set 2030 financed emissions targets, initially focused on key emissions intensive sectors. Earlier this year, the group issued new guidelines for climate target setting for banks, expanding its requirements to include a commitment to align capital markets activities such as debt and equity underwriting to bank’s 2050 net zero goals, in addition to the prior lending-focused commitment.
“The NZBA forms part of the Glasgow Financial Alliance for Net Zero (GFANZ), a UN-backed umbrella group of net zero-focused financial sector coalitions.”
Despite its departure from the Alliance, Goldman Sachs says that it will continue and expand its targeting of industry sectors to force compliance with climate ideology goals, Reuters reports:
“Banks joining the voluntary NZBA agree to align with the world's aim of reaching net-zero emissions by 2050, set targets to help get them there and publish progress on their efforts each year, something Goldman Sachs said it would continue to do.
"‘We have made significant progress in recent years on the firm's net zero goals and we look forward to making further progress, including by expanding to additional sectors in the coming months,’ it said.”
While financial institutions have begun leaving climate cartels, especially in the U.S. where they’re drawing scrutiny for potential anti-trust violations, the efforts to impose the “green agenda” will continue, BNN Bloomberg notes:
“The apparent fraying of voluntary climate groups linked to GFANZ isn’t necessarily a sign that Wall Street is abandoning the green agenda, according to David Carlin, the former head of risk at the United Nations Environment Programme Finance Initiative, which convened the NZBA.
“‘It’s a shame to see leading institutions leave these alliances,’ he said. ‘But it’s important to note they aren’t repudiating their net zero commitments.’”
Net-zero is one plank of the radical left’s Environmental, Social and Governance (ESG) agenda which has begun falling into disrepute as the details and consequences of its ideology continue to be exposed.