Washington, DC — Following reporting that JPMorgan Chase & Co., Morgan Stanley, Bank of America, and other US banks are threatening to leave the Glasgow Financial Alliance for Net Zero (GFANZ) over strengthened criteria that would hamper and limit their fossil fuel financing.
Center for International Environmental Law Senior Attorney Hana Heineken issued the following reaction:
“By withdrawing from GFANZ and diluting international standards aimed at averting the climate crisis, Wall Street banks will only increase the risk of being sued by their shareholders and customers, and penalized by regulators. Banks appear to be hiding behind the current Republican anti-ESG rhetoric to justify their continued financing of fossil fuels. But they will not be able to evade accountability for the environmental and human rights harms caused by their financing, which are becoming more evident and costly by the day.”
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