🎧 Listen: In today's episode of The Journal podcast, DaveCBenoit explains why an alliance of banks created to fight climate change is on the rocks
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
David Benoit: We got for the first time, really, the financial world coming together. We got the banks and the asset managers and the insurance companies, and they all said, "Look, we are ready to finance the fight against climate change." David Benoit: So banks have this enormous role in the world of they sit in the middle of everything. So their clients are the biggest oil companies in the world. Their clients are the smallest new green energy company in the world. And they're the ones who steer investor money, they're the ones who steer loans, and hold the cash for these companies and really advise them on things like their future projects and where they're going to make money.
David Benoit: Who was a former Goldman Sachs banker, and then he became the head of the Bank of Canada. He led Canada through its financial crisis, in that era in 2008, and then he became the head of the Bank of England and led them through Brexit. David Benoit: What Carney and other people started calling on the banks to do is figure out what the emissions are for where all your money goes, where all the tentacles you as a bank go. You're advising Ford over here, you're lending money to Exxon over here. What does that contribute to climate change?
David Benoit: Correct. They will squeeze out the money of the companies that they no longer think are viable businesses from an environmental standard.David Benoit: It is a massive request and the banks have no idea how to do it.David Benoit: Well, one, Carney is a pretty respected figure and most of them seemed to believe that he understood them. It wasn't like this was someone from the Sierra Club or some climate group that had been pounding their doors forever. This was one of their guys.
David Benoit: And then he used his ability as a political figure in the world to get people like Boris Johnson, who was the Prime Minister of Britain at that point, to start sort of beating up on the banks too and saying, "We need this to come. We need you guys on board." David Benoit: And he had this event always in the future, this event in Glasgow, where the world was going to be watching. And he used that to his political might to say, "Look, if you're not on board by Glasgow, people are going to know and you're going to be the ones left out and you're not going to get credit and you're going to get beaten up."
Ryan Knutson: But since that pivotal moment last year, not much progress has been made and the group itself is on shaky ground. That's next. After last year's UN conference in Glasgow, things seem to be going pretty well with Carney's alliance. Ryan Knutson: Second, banks started getting pressure from Republican lawmakers who weren't happy with the alliance.
Ryan Knutson: Finally, the alliance published official guidelines, saying members should restrict financing for fossil fuel projects and end new coal funding. Criteria like this were always expected to come out eventually, but some of the banks still had a strong reaction to it.
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