Investigative Journalism

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pelespirit@sh.itjust.works

Wall Street just won't stop financing the fossil fuel industry's expansion (www.motherjones.com)

submitted 3 weeks ago by pelespirit@sh.itjust.works to c/investigativejournalism@sh.itjust.works

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For the past two years, more than a dozen major banks have been not only reneging on their climate commitments, they’ve been actively making the crisis worse.

In 2024 and 2025, during the leadup to President Donald Trump’s second inauguration, all six of the nation’s largest banks abandoned the Net-Zero Banking Alliance, a voluntary climate coalition, precipitating the Alliance’s complete shutdown in October. Since then, others including Royal Bank of Canada, Scotiabank, HSBC, NatWest, Santander, and JPMorgan Chase have either weakened or scrapped their decarbonization targets.

Now, new evidence shows banks are ramping up spending on fossil fuels. Beyond helping companies extract more oil and gas, they are bankrolling the industry’s pivot to plastics, fertilizers, and other petrochemical products.

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[–] Bluescluestoothpaste@sh.itjust.works 4 points 3 weeks ago (1 children)

I mean we keep buying gas and cheap plastic crap, that's why they finance it.

[–] higgsboson@piefed.social 1 points 2 weeks ago (1 children)

Those bank execs have a legal obligation to pursue profits on behalf of their shareholders. The author is expecting them to act against their own interests and those of their shareholders... probably not going to go well.

We badly need to realign our society's incentive structures, this among them, but that isnt going to happen by closing our eyes and wishing them into existence.

[–] Bluescluestoothpaste@sh.itjust.works 2 points 2 weeks ago

Agreed, not to go too offtopic, but everyone is scared of AI taking over the world when it already did a long time ago. Not in the form of LLM but in the form of the corporate charter. a corporate charter is an algorithm for making decisions and we bounded ourselves by law to follow that decision making process a long time ago.

The CEO isn't responsible, he's just doing what he is mandated by the corporate charter to do.