Goldman Sachs exits climate coalition for banks
"Goldman Sachs quits global climate coalition for banks",
"Goldman Sachs said it has quit a sector coalition aimed at aligning bank lending and investment activities with global efforts to fight climate change, becoming the most high-profile member to leave the group.
The U.S. investment bank's decision comes against a backdrop of pressure from some Republican politicians who have suggested that membership of the Net-Zero Banking Alliance (NZBA) could breach anti-trust rules.
Goldman Sachs gave no explicit reason for its departure, but focused on its strategy for the future and a growing push by regulators to make sustainability efforts mandatory.
"We have the capabilities to achieve our goals and to support the sustainability objectives of our clients. Goldman Sachs is also very focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world," it said in a statement on Friday.
While it remains unclear what will happen to U.S. rules around climate-related company disclosures under President-elect Donald Trump, many large U.S. firms including Goldman Sachs will have to disclose under European Union rules....
CEO David Solomon reiterated Goldman's commitment to the energy sector in this report, saying the bank will continue to finance and advise clients in the sector, as well as invest in decarbonisation technologies. "We need to do both. It’s not an or, it’s an and," he wrote..."