Heard an interesting podcast yesterday by Globe and Mail. Can big banks save us from climate change.
Follow the money. Money is power. Blah, blah, blah. The idea is that if we can control where the money goes, we can control the future of the world. In short, if we can stop or reduce the investment following into fossil fuel industry and move it to renewable energy, it can help fight climate change.
That was why GFANZ – the Glasgow Financial Alliance for Net Zero was founded. It includes 500 financial institutions around the world that manage $150 trillion assets, 40% of the world financial system. Each member is required to sign on to the UN campaign race to Zero to reduce net carbon emission to zero by 2050.
I also learned a new word today – Righteous Capitalism. 😊
Some member institutions are worried that this can bring them legal troubles. How? The legal departments of those financial institutions cited anti-trust risk to collude with other companies to divest from fossil fuel industry. What the heck? Is this argument against any industry wide organization that wants to do anything together to serve a common goal like lobbying the government? Why is that not anti-trust? I am so lost.
The other argument quite popular with Canadian banks is that if they invest in fossil fuel, other bad actors will. At least they, the Canadian banks, got conscience. They are the good guys. LOL! 5% to 10% of Canadian GDP comes from oil and gas industry. I understand where Canadian banks came from.
At least, I did divest from oil and gas myself.
Worthfy Financial Literacy Counselling 