Goldman Sachs leaves international coalition for green finance

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Wall Street icon Goldman Sachs has left the Net-Zero Banking Alliance (NZBA), a flagship UN-backed initiative to align global finance with carbon neutrality goals by 2050. The withdrawal, revealed on December 6, 2024, raises serious doubts about the financial institutions’ climate commitment in the face of political pressure.

“We have the capabilities to deliver on our goals,” the bank told Reuters, while affirming its support for its clients' sustainability ambitions. But, as the British news agency revealed, this statement of principle reflects the tense context in the United States. ESG (environmental, social, and governance) initiatives have become the target of legal attacks orchestrated by Republican elected officials, who are waging war on the woke practices of large companies. This polarization is reaching new heights, with an antitrust complaint involving giants like BlackRock, accused of sabotaging the fossil fuel industry.

Goldman Sachs' withdrawal reveals the flaws in a system based on voluntary coalitions. These commitments, often brandished as proof of good faith, in addition to often being smokescreens, remain vulnerable to opposing political and economic forces. Conservative states are even threatening to withdraw their investments from institutions deemed too “ecological”. According to the media outlet Les Transitions, this struggle reflects a systemic opposition between short-term profits and long-term survival.

If it was already unlikely that the big banks would be ready to sacrifice their interests for the climate, one thing is certain, green finance will falter even more if the giants of the economy ignore international initiatives.

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