Take big finance’s vow to self-regulate over climate rules with a pinch of salt

14 March 2021 - 16:44The six biggest Wall Street banks have now promised to get to net-zero emissions, after Citigroup, Goldman Sachs and Wells Fargo joined the club this month.

The space in between is vast, and there’s no global oversight of how the term “net zero” is used in the private sector. For years, drawing up such definitions was left to business friendly non-governmental organisations and the more progressive industry groups. The Greenhouse Gas Protocol, for example, was launched in 1997 by the World Resources Institute and the World Business Council for Sustainable Development.

Another influential framework is the Taskforce on Climate-Related Financial Disclosures . Established by former Bank of England governor Mark Carney and Bloomberg’s founder, Michael R Bloomberg, it is the closest to a unifying standard in the industry for reporting climate risks. Carney himself had to walk back comments claiming that Canada’s Brookfield Asset Management, where he now works, is net-zero because of emissions it avoided by investing in renewable energy. The remarks prompted a backlash from experts because they do not require a company to actually cut pollution, or, in Brookfield’s case, actually stop funding fossil fuels.

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