The first is a Canada-led proposal to end international fossil fuel financing dies with incoming Trump administration. A deal would have phased out certain fossil fuel subsidies and diverted public money to clean energy instead
Inayat Singh · CBC News · Posted: Jan 19, 2025
A deal on ending public financing for foreign fossil fuel projects — which Canada co-led on the world stage — has died in the face of key holdout countries and the incoming administration of U.S. president-elect Donald Trump.
Canada, along with the U.K and European Union, proposed in 2023 to end financing through export credit agencies — government agencies that support foreign trade — for oil and gas projects abroad and divert the money to clean energy instead.
The U.S. under President Joe Biden threw its support behind the deal only right after the presidential election in November of last year, setting off a mad dash to get an agreement before Trump’s inauguration. Ultimately, it wasn’t enough time.
The Organisation for Economic Co-operation and Development (OECD) confirmed in a statement to CBC News that an agreement was not reached despite many months of negotiations…
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Source: CBC News
The secondis the UN-backed Net-Zero Banking Alliance that aims to accelerate climate action among financial institutions.
Story by Ian Bickis, Canadian Press, Jan 18, 2025
Bank of Montreal and National Bank have withdrawn from the UN-backed Net-Zero Banking Alliance that aims to accelerate climate action among financial institutions.
The Friday departures follow withdrawals by the six largest banks in the U.S. in recent weeks from the alliance ahead of the presidential inauguration of Donald Trump.
Financial institutions are pulling back following sustained criticism from U.S. Republicans on various climate alliances and the very concept of factoring in environmental risks in their business operations.
On Friday, the U.S. Federal Reserve Board said it had withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System.
BlackRock, the world’s largest asset manager, left the Net Zero Asset Managers Initiative earlier this month in a move that led the group to suspend activities and launch a review of the initiative, citing “recent developments in the U.S.”
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Source: Canandian Press