Global financial sector dropping key green pledges as Trump takes office

Banks, asset managers and industry groups move to accommodate US president's anti-net zero stance

The second Trump administration is expected to strike a blow to efforts to align the global financial sector with the path to net zero, with banks, asset managers and industry groups already moving to accommodate the incoming president's avowed policy of drill, baby, drill".

As authorities declared 2024 the hottest on record, atmospheric carbon dioxide leapt by a record amount and fires ravaged Los Angeles, a key private sector climate alliance, the Glasgow Financial Alliance for Net Zero (GFANZ) abandoned a requirement that members be aligned to the Paris agreement.