Today’s blacklisted Americans: Biden administration working to blackball fossil fuel companies from obtaining financial services

Disagree with John Kerry?
No more bank services for you!
They’re coming for you next: The Biden administration, under the leadership of its “climate envoy” John Kerry, is apparently working behind the scenes to force banks to blackball fossil fuel companies from obtaining financial services.
Not surprisingly, the initial news stories from the mainstream press in mid-March describing this effort were written to hide the Biden administration’s goals. For example, Politico described a number of meetings arranged by Kerry and the Biden administration both with climate activist groups as well as financial institutes aimed at making those financial institutions “put your money behind your climate PR,” but the article only hinted at what the goals were.
Kerry has pitched banks on creating a U.S. net-zero banking alliance following the climate commitments from six major Wall Street banks, according to two people familiar with the discussions. Citi, Wells Fargo, Bank of America, Morgan Stanley and Goldman Sachs all set 2050 net-zero goals and JPMorgan Chase has said its lending would be aligned with the Paris agreement although Kerry and his team are pushing for more specific financial commitments as part of this effort.
Kerry also wants clear near-term actions from banks by 2030, which would align with the Biden administration’s timeline for the new emissions target it intends to submit as part of the Paris Climate Agreement process. [emphasis mine]
Doesn’t meeting “net-zero” goals for climate change sound wonderful? But what does it mean?
» Read more
Disagree with John Kerry?
No more bank services for you!
They’re coming for you next: The Biden administration, under the leadership of its “climate envoy” John Kerry, is apparently working behind the scenes to force banks to blackball fossil fuel companies from obtaining financial services.
Not surprisingly, the initial news stories from the mainstream press in mid-March describing this effort were written to hide the Biden administration’s goals. For example, Politico described a number of meetings arranged by Kerry and the Biden administration both with climate activist groups as well as financial institutes aimed at making those financial institutions “put your money behind your climate PR,” but the article only hinted at what the goals were.
Kerry has pitched banks on creating a U.S. net-zero banking alliance following the climate commitments from six major Wall Street banks, according to two people familiar with the discussions. Citi, Wells Fargo, Bank of America, Morgan Stanley and Goldman Sachs all set 2050 net-zero goals and JPMorgan Chase has said its lending would be aligned with the Paris agreement although Kerry and his team are pushing for more specific financial commitments as part of this effort.
Kerry also wants clear near-term actions from banks by 2030, which would align with the Biden administration’s timeline for the new emissions target it intends to submit as part of the Paris Climate Agreement process. [emphasis mine]
Doesn’t meeting “net-zero” goals for climate change sound wonderful? But what does it mean?
» Read more