Banks’ Trillions in Climate Financing Pledges Are a Bailout Hazard, Experts Warn

News Analysis Trillions in financing pledged by banks to climate change projects present an unprecedented gamble that could end up in potentially the largest government bailout ever seen, warned several experts on environmental policy and investment. Many of the world’s largest banks have recently made pledges to direct trillions in investments to projects meant to fight climate change and achieve “sustainable development.” Bank of America pledged $445 billion by 2030; Goldman Sachs and Morgan Stanley each promised $750 billion by 2030; CitiGroup promised $1 trillion by 2030; and JPMorgan Chase committed to $2.5 trillion in 10 years. Dozens of other large banks have joined the UN-backed Net-Zero Banking Alliance, promising not only to slash carbon emissions from their own operations, but also push their clients to do the same. It would be one thing if the financial institutions were talking about their own money. But that’s not the case. Most …

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