In a striking departure from climate commitments, major Wall Street banks are abandoning the Net-Zero Banking Alliance. Morgan Stanley has just announced its exit, following closely behind Citigroup and Bank of America earlier this week. Goldman Sachs and Wells Fargo had already parted ways in December, signaling a clear shift away from ESG initiatives.
This mass retreat could be seen as nature's sigh of relief, as the political winds shift towards less regulation and more laissez-faire economics. Critics argue that this might be the first step in healing the economic landscape from the overreach of environmental mandates.
Moreover, the World Economic Forum in Davos appears to be losing its grip on shaping public narratives, hinting at a return to genuine free-market principles where economic decisions are driven by market forces rather than international accords.