He that is of the opinion money will do everything may well be suspected of doing everything for money.
- Benjamin Franklin
Big Banks are “Quiet Quitting” Their Climate Promises | Big Take
Follow the Money: The Fight for a Livable Planet Amidst Power and Corruption
The exodus of major U.S. banks from the Net-Zero Banking Alliance (NZBA) underscores a grim reality: the battle to combat climate change is increasingly less about science and solutions and more about money and power.
Morgan Stanley, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs—pillars of global finance—have recently departed from the NZBA, a subgroup of the Glasgow Financial Alliance for Net Zero (GFANZ).
Their retreat reflects mounting opposition to environmental, social, and governance (ESG) measures, bolstered by political winds favoring fossil fuels and deregulation.
The Backdrop of Bank Exits
These departures come amidst a Republican-led crusade against ESG initiatives. States like Texas, West Virginia, and Florida have sought to penalize institutions for adopting ESG principles, portraying such measures as a war on fossil fuels.
The House Judiciary Committee, chaired by Ohio Republican Jim Jordan, has even dubbed these efforts a "climate cartel," accusing financial institutions of collusion to enforce radical ESG goals.
But let’s not pretend the banks’ exits are purely about external pressure. Legal and governance risks tied to decarbonization mandates have long been a thorny issue for NZBA members.
In 2022, both Morgan Stanley and Bank of America expressed concerns about potential lawsuits if they divested from high-emitting sectors. Canada’s major banks echoed these fears, wary of alienating oil and gas clients critical to their economy.
These legal threats and political backlash are convenient scapegoats for financial institutions reluctant to disrupt their profit streams.
The Real Fight: Money and Power
At its core, the climate crisis isn’t a battle over data or evidence; it’s a fight against entrenched economic power.
As writer and activist Bill McKibben observed, winning the argument for climate action isn’t enough when the fight is rigged by those who control the purse strings.
Financial institutions wield immense power to drive change, yet their allegiance to short-term gains often outweighs their commitment to a sustainable future.
It’s tempting to blame political figures like Donald Trump or industry leaders for this inertia. But the truth is more insidious: global systems are designed to prioritize profit over people.
Climate initiatives falter because they challenge the status quo, threatening industries and economies built on exploitation.
And while grassroots movements like McKibben’s “Third Act” have made valiant efforts to hold banks accountable, the sheer scale of the opposition—fueled by billions of dollars—renders these actions a David-versus-Goliath struggle.
A Call to Billionaires and Everyday Activists
Consider this: Forbes lists 2,781 billionaires worldwide. If even a fraction of these individuals committed to funding meaningful climate initiatives, the financial landscape could shift.
Their wealth could counterbalance the inertia of banks and governments, creating a market-driven push for sustainability.
Yet, the majority remain silent, their resources tied up in ventures that perpetuate the very systems accelerating climate disaster.
Until such transformative actions occur, the burden falls on individuals to demand accountability. Every customer and investor has the power to influence financial institutions by prioritizing pro-life, pro-planet values.
Tell your bank to divest from industries that kill nine million people annually through pollution. Make sustainability a non-negotiable condition for your patronage. It’s not a solution that will topple corruption overnight, but it’s a start.
Fixing Corruption: The First Step
The last thing most of us want is to spend our lives fighting to save a planet ravaged by cronyism and greed. Yet, as Trump aptly put it, “The fix is in.” Any meaningful climate action must first address systemic corruption.
Without transparency and accountability, any progress risks being co-opted by those who stand to profit from inaction.
The climate crisis isn’t just an environmental issue; it’s a moral imperative. The fight for a livable planet is inseparable from the fight against corruption.
Until we align our systems with values of equity, sustainability, and justice, we’ll remain stuck in this vicious cycle—winning arguments but losing the war.
Sincerely,
Adaptation-Guide
WE ARE READY! ARE YOU?
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