OPINION

Role of banks in climate change future

Oped, Sarinee Achavanuntakul, Published on 22/01/2025

» On Jan 10, the World Meteorological Organization (WMO) announced that 2024 was the warmest year on record, likely the first year with a global mean temperature of more than 1C above the 1850-1900 average. Despite the alarming fact, the year 2025 is not off to a good start. The same week that WMO made that ominous announcement, JP Morgan became the sixth and latest bank in the United States to withdraw from the UN-backed Net Zero Banking Alliance (NZBA), following the earlier exits of Citigroup, Bank of America, Morgan Stanley, Wells Fargo, and Goldman Sachs -- all of which left since the start of last month.