Six of the largest banks in the United States have bowed out of the global Net Zero Banking Alliance (NZBA), with the inauguration of Donald Trump predicted to bring political backlash concerning climate action, reported The Guardian.
The latest to withdraw is JP Morgan, which followed Citigroup and Bank of America. Morgan Stanley, Goldman Sachs and Wells Fargo have also left the United Nations-sponsored NZBA since the beginning of December.
“JPMC is ending our membership in the Net Zero Banking Alliance (NZBA). We will continue to work independently to advance the interests of our Firm, our shareholders and our clients and remain focused on pragmatic solutions to help further low-carbon technologies while advancing energy security. We will also continue to support the banking and investment needs of our clients who are engaged in energy transition and in decarbonizing different sectors of the economy,” a spokesperson for JPMorganChase said in a statement provided to ESG Today.
The defections from NZBA come on the heels of exits from similar groups in the finance industry. In 2023, GOP litigation threats led to a mass exodus from an insurers’ net zero alliance, Bloomberg reported. And an asset managers climate organization disbanded from Vanguard Group — the second-largest money manager in the world — in 2022.
The breakup of worldwide climate associations has forced the regrouping of those in charge. The Glasgow Financial Alliance for Net Zero (GFANZ) serves as a finance industry net zero umbrella organization, and it ended last year with a message that it was going to distance itself from the other alliances. According to the latest update from GFANZ, it plans to make its advice available to financial firms that have made no commitment to a net zero pact, as well as those that have.
JPMorgan said on Tuesday that it plans to “continue engaging with GFANZ, among others, to advance pragmatic solutions and market conditions that can help further a low-carbon and energy-secure future,” as reported by Bloomberg.
According to analysts, the banking institutions’ withdrawals are a response to “anti-woke” sentiment from U.S. rightwing politicians, which are predicted to increase when Trump becomes president, The Guardian reported.
Trump’s campaign promises to deregulate energy, dismantle environmental rules and “drill, baby, drill” are predicted to become a governing reality in his role as commander-in-chief of the world’s biggest producer of oil and gas.
“The sudden exodus of these big U.S. banks out of the NZBA is a lily-livered effort to avoid criticism from Trump and his climate denialist cronies,” said Paddy McCully, a senior analyst at campaign group Reclaim Finance, as reported by The Guardian. “A few years ago, when climate change was at the front of the political agenda, the banks were keen to boast of their commitments to act on climate. Now that the political pendulum has swung in the other direction, suddenly acting on climate does not seem so important for the Wall Street lenders.”
NZBA — led by banks, but convened by the UN Environment Programme’s finance initiative — commits its members to aligning their investment, lending and capital market activities with the goal of net zero emissions by mid-century or earlier.
A spokesperson for Citigroup — a founding member of NZBA — said the financial institution’s decision to leave would allow it to “focus on addressing barriers to mobilising capital to emerging markets in support of the low-carbon transition. We remain committed to reaching net zero and continue to be transparent about our progress.”
Carbon Trust senior manager Toby Kwan said the NZBA departures could give banks more flexibility concerning which pathway they choose to align with and which sectors they include in their targets, as well as less strict timeframes.
A Republican-led House of Representatives judiciary committee in December accused “a cartel” of financial institutions and climate activists of conspiring to “impose radical ESG-goals” on companies in the U.S.
After the most recent withdrawals, 141 banks remain members of NZBA, including all of the largest banks in Europe.
“By strengthening their commitments, NZBA banks can demonstrate that they have not simply used U.S. obstructionism as an excuse to maintain the NZBA’s weak position,” McCully pointed out, saying those remaining would now have a chance to advance further.
Kwan added that NZBA’s loss of U.S. banks was not a death knell for the organization.
“While these major financial institutions leaving the alliance raises a question mark on the future of climate action in the financial sector, the remaining NZBA members represent a significant portion of the global banking sector, controlling approximately 40% of global banking assets, or $64tn [£51tn],” Kwan said, as The Guardian reported. “This substantial influence cannot be understated, and NZBA members can drive the transition to a net zero economy.”
The post 6 of the Largest U.S. Banks Leaving Net Zero Alliance Ahead of Trump appeared first on EcoWatch.
https://www.ecowatch.com/banks-leave-net-zero-alliance.html
Thoreau wrote in Walden that “Time is but the stream I go a-fishing in,” which reminds us that life is short and nature fills it beautifully. What are you looking for that can’t be found during an afternoon in nature?
Earth911 inspirations. Post them, share your desire to help people think of the planet first, every day. Click the poster to get a larger image.
The post Earth911 Inspiration: Time Is but the Stream appeared first on Earth911.
https://earth911.com/inspire/earth911-inspiration-time-is-but-the-stream/
Green Living
Classic Sustainability In Your Ear: The Ocean River Institute’s Natural Lawn Challenge for Climate Action
Turn back the clock with this classic interview that will get you ready for Spring yard care planning. A lawn may be beautiful but it can take a heavy toll on the environment, accounting for between 30% and 60% of residential water use in the United States. Rob Moir, Ph.D., is president and executive director of the Ocean River Institute in Cambridge, Massachusetts. ORI works with residential lawn owners to heal damaged ecosystems by restoring coastal areas to lessen the destructive impacts of climate change. The benefits of a natural lawn reach far beyond reduced local water pollution, eliminating chemicals that can contribute to cancers, diabetes, Alzheimer’s disease, and other cellular diseases. Natural lawns are also better for local pollinators and store much more carbon than heavily fertilized lawns. If you considered removing your lawn to play a part in the battle against climate change, this interview may change your mind — a healthy lawn is a powerful carbon sink.
The Ocean River Institute is recruiting Massachusetts communities, town by town, to take a pledge to follow natural lawn practices in the Healthy Soils for Climate Restoration Challenge. You don’t need to live in Massachusetts to participate and learn about the alternatives to the traditional, chemical-intensive lawn practices that use Roundup, a source of glyphosates that kills soil-dwelling fungi and local pollinators, and fast-acting nitrogen fertilizers. You can learn more about the Ocean River Institute at www.oceanriver.org.
Rob has contributed many articles about climate change and the history of environmental change since this interview, including:
- Finding a Northwest Passage to the Sea
- Turning the Tide—How Land and Water Shape Our Climate Future
- Learning from Captain Scoresby’s Ten-gallon Fir-Cask
- Earth Savvy?
- Let the Ground Keep Falling Rainwater
- The Sultans of Swag Versus Looking at Clouds from Both Sides Now
- Subscribe to Sustainability in Your Ear on iTunes and Apple Podcasts.
- Follow Sustainability in Your Ear on Spreaker, iHeartRadio, or YouTube
Editor’s Note: This episode originally aired on May 30, 2022.
The post Classic Sustainability In Your Ear: The Ocean River Institute’s Natural Lawn Challenge for Climate Action appeared first on Earth911.
https://earth911.com/podcast/earth911-podcast-the-ocean-river-institutes-natural-lawn-challenge-for-climate-action/
Choosing your perfect gown can be one of the most exciting decisions for your special day, but for the eco fashionista, it can be a challenge to find a dress that fits your values and style — but these brands have exceptional sustainable wedding dresses you’ll swoon over!
Using earth-minded materials like hemp, cruelty-free peace silk, deadstock recycled fabrics and vintage lace, and producing consciously, either in small batches or handcrafting each individual piece made-to-order, the brands below meet high standards for transparency, ecological sustainability, and fair labor.
[For more sustainable wedding dresses, check out this guide to secondhand wedding dress sites!]
Note that the guide contains affiliate links. As always, we only feature brands that meet strict criteria for sustainability we love, that we think you’ll love too!
1. Christy Dawn
Dreamy dress brand Christy Dawn does not disappoint with their romantic bridal collection! Each piece is more swoon-worthy than the next.
Their three sustainable bridal gowns are made from regenerative silk charmeuse —sourced through BOMBYX, an innovative silk producer using best practices — and colored in a beautiful pearl silk with non-toxic dyes. Each dress is ethically cut and sewn by makers in Los Angeles earning living wages, as with the rest of Christy Dawn’s collections.
The Britta Dress and Fitzgerald Dress are 1920s inspired while the Athena Dress is a more modern (but equally romantic) option. All of these dresses are made-to-order with an estimated timeline of 4 weeks.
Conscious Qualities: Regenerative silk and organic non-toxic dyes, ethically made-to-order in Los Angeles
Price Range: $2,500 – $3,000
Size Range: XS – XL
2. Pure Magnolia
Blending the traditional with the modern, Pure Magnolia designs classic-inspired sustainable wedding dresses with contemporary touches. And each dress is made in their Canadian studio by seamstresses earning fair wages from eco-fabrics, such as organic cotton and hemp silk.
The brand sources recycled fabrics whenever possible as well, and recycles their scrap fabric through FABCYCLE.
Conscious Qualities: Eco-friendly fabrics, locally and fairly made, recycles scrap fabrics
Price Range: $845 – $3,300 CAD
Size Range: 0 – 28
3. Lost in Paris
Lost in Paris crafts each of their creatively designed bohemian-inspired gowns ethically in their Sydney, Australia studio. Unconventional yet undeniably striking, Lost in Paris’ dresses are made from vintage lace and cotton.
Investing in a dress from Lost in Paris is seamless — the brand offers at-home sample try-ons, offers train and sleeve adjustments on several styles, ships their dresses worldwide for free, and even accepts returns. Oh, and, if one of their ready-made sizes doesn’t work for you, you can get a dress designed to your measurements.
Conscious Qualities: Made-to-order model, uses vintage lace, locally made
Price Range: $950 – $3900 AUD
Size Range: XXS – XXL + custom sizing options
For More Slow Fashion Content:
4. Wear Your Love
Wear Your Love creates feminine, effortless dresses in their Northern California studio that are — in contrast to the majority of wedding dresses on the market — actually comfortable! The brand’s free-spirited designs are made with soft, earth-minded fabrics like organic cotton and each dress is made to order for each bride to their exact measurements.
There are also customizations available for each eco-friendly wedding dress such as train or no train, skirt or sleeve linings, back coverage, skirt style, and more.
Conscious Qualities: Eco-friendly fabrics, made-to-order model, locally and transparently made
Price Range: $680 – $1,700
Size Range: N/A; dresses are made to your measurements
5. Larimeloom
Based in Reggio Emilia, Italy, Larimeloom crafts exceptional custom-made dresses by hand in their atelier. The brand creates comfortable minimalist dresses from durable natural fabrics and colors them with natural or non-toxic dyes.
Larimeloom has also implemented zero waste design techniques, cutting their patterns strategically in order to minimize fabric waste.
Conscious Qualities: Made-to-order model, zero-waste designs, natural fabrics and dyes
Price Range: 650€ – 2,650€
Size Range: XS – XL
6. Sister Organics
Sourcing quality earth-friendly natural fabrics like organic hemp and cotton, Sister Organics creates classic, eco-friendly wedding dresses for UK-based brides.
Each dress is made to order in England, so you can select a pre-defined size, customize the length of a size, or get an entirely different dress made for your measurements.
Conscious Qualities: Eco-friendly fabrics, made-to-order model
Price Range: £125 – £390
Size Range: XXS – XXL + custom sizing
7. Indiebride London
Indiebride’s vintage-inspired sustainable wedding dresses are delicate and romantic yet free-spirited, offering a unique collection for the bride that wants to skip the conventional wedding gown and choose a piece that fits their individual style.
The brand’s conscious wedding dresses are handmade in London using majority natural fibers and can be altered or customized to your specifications.
Conscious Qualities: Made-to-order model, uses many natural fabrics, locally made
Price Range: £1,200 – £1,700
Size Range: 8 – 16 (UK sizes)
More Resources For Your Eco Wedding:
10 Secondhand Wedding Dress Sites for the Eco Bride
7 Ethical Lab-Grown Diamond Engagement and Wedding Rings
17 Brands with Conscious Dresses (great options for bridesmaid dresses in here!)
The post 7 Best Sustainable Wedding Dresses for Your Special Day appeared first on Conscious Life & Style.
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