Bill McKibben on why some financial institutions are backing away from emission pledges.
In February, several big financial institutions announced that they were leaving the Climate Action 100+ group, which many had joined following the Glasgow climate-change conference, in 2021, making broad but vague commitments to support an energy transition with their lending practices. They said that they would continue to work to reduce emissions, but reports have suggested that they may also have been trying to avoid the risk of lawsuits accusing them of E.S.G.
Exxon’s C.E.O., Darren Woods, felt secure enough last month to explain to a reporter that the world had “waited too long” to switch to renewable energy . But he has also said that his company would not become an “electron company,” because, unlike oil and gas, renewable energy does not offer the prospect of “above-average returns” for its investors.
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