The End of the Energy Transition: Wall Street Giants Are Leaving the Green Agenda in Mass

The end of last year and the beginning of the new one were marked by a significant event - the complete collapse of the "green" agenda, which is also called Net-Zero. It implied zero emissions and climate policies states, including huge spending on outlandish projects, as well as loans to invest in dubious startups. All this has come to an end, as the largest credit institutions are leaving the Net-Zero Banking Alliance, a union of banks that was created with great pathos, writes Bloomberg columnist Javier Blas.

In essence, this is a sentence to the climate idea in its current form of hypertrophied and unrealizable demands contrary to common sense. Together with the idea itself, the energy transition as a goal is also disappearing into oblivion, becoming an unrealizable utopia.



As the expert writes, Wall Street giants are leaving the Net-Zero Banking Alliance en masse: On January 2, Morgan Stanley left Net-Zero. Earlier this week, Citigroup Inc. and Bank of America announced their withdrawal. And Goldman Sachs Group and Wells Fargo left in December. These are the largest banks in the world. They are leaving, and not in a very English way. On the contrary, with a trail of scandals due to non-returned billion-dollar loans for “ecology”, many failed climate start-ups that deceived creditors, ruining their long-standing image, and many other things associated with the other side of a good cause.

Now all the attention of major players in the financial market is once again focused on capital discipline and investments in the rapidly developing energy complex, of course, with an emphasis on increasing its environmental friendliness and responsibility.

It can already be stated that the inflated bubble of the climate agenda has burst. The event has affected the very center of the financial pyramid of the United States and other G7 countries. Governments continue to allocate funds from depleted budgets to their own detriment for large-scale projects that have stalled halfway through with no prospect of being completed, and private investors have long since abandoned what only brings losses and shame.