Net-Zero Divide In Oil And Gas Financing Deepens

Last year, several U.S. banks threatened to leave the Glasgow Financial Alliance for Net Zero – a group led by former Bank of England governor Mark Carney, aimed at facilitating the energy transition. The reason those banks threatened to leave was that commitments related to the transition process were becoming increasingly aggressive, and they worried that those commitments might end up getting them sued. Those litigation-nervous banks included three heavyweights of Wall Street: JP Morgan, Morgan Stanley, and Bank of America. Later…