By Ross Kerber, US Sustainable Business Correspondent |
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The largest bank climate coalition loosened some of its membership rules, its chair told Reuters, as you can read about below. Some context for the move is the turn away from environmental priorities by the administration of U.S. President Donald Trump. In fact the tensions between his actions and various institutions are the broader theme of this week's newsletter - as you'll see via stories about how universities and law firms are responding to the president who has made a sweeping assertion of power since returning to the White House. You can follow me on LinkedIn. and/or Bluesky. Or get me via ross.kerber@thomsonreuters.com |
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Flue gas and steam rise out from an oil refinery in Omsk, Russia, February 8, 2023. REUTERS/Alexey Malgavko |
Banks ease climate coalition rules |
The top banking coalition meant to counter climate change voted to loosen some of its membership rules, reflecting the slow pace of change in the real economy, its chair told Reuters.
The UN-backed Net Zero Banking Alliance has been canvassing members amid the withdrawal of some of the coalition's biggest banks, and as the United States leads calls to abandon climate action in the financial sector. Officials said policy making and technology advances have not happened at the rate predicted when banks and asset managers first came together to declare collective action in 2021. "The knowledge we had in 2021 on what was achievable ... has been very different than where we are today," Shargiil Bashir, Chief Sustainability Officer and Executive Vice President at First Abu Dhabi Bank told my colleague Virginia Furness. You can read her coverage by clicking the button below. |
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| FTC lawyers Daniel Matheson and Krisha Cerilli walk on the day of a trial that could force Meta Platforms to unwind its acquisitions of messaging platform WhatsApp and image-sharing app Instagram, in Washington, D.C., U.S., April 14, 2025. REUTERS/Kent Nishimura |
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- Harvard rejected Trump administration demands for sweeping changes the university said would cede too much control, leading to a freeze of $2.3 billion in federal funding and a threat by Trump to end the school's tax-exempt status.
- A backlash is forming at law firms that made concessions to Trump, with some of their own lawyers saying the firms compromised too much to avoid a showdown with the administration.
- Well-known JPMorgan investment strategist Michael Cembalest said he has not been able to fully express his views on the impact of U.S. tariffs, worried about how they would be received "at a time when people are being held accountable for their views and the things that they say in ways that they probably shouldn't be."
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