Oil Price (.com): The eventual death of oil and thermal coal won’t come from environmentalists, or even directly from renewable energy–it will come when big banks decide to stop financing it, rendering it ‘unbankable’.
That’s exactly what Goldman Sachs has just done, in a first for a major finance institution.
As of last week, Goldman Sachs is the first big U.S. bank to rule out financing new oil exploration or drilling in the Arctic, as well as new thermal coal mines anywhere in the world.
The bank’s latest environmental policy declares climate change as one of the “most significant environmental challenges of the 21st century” and has pledged to help its clients manage climate impacts more effectively, including through the sale of weather-related catastrophe bonds. The giant bank also committed to invest $750 billion over the next decade into areas that focus on climate transition.
It may not be the last. Read More …
Opinion: Finding this post after several ‘climate’ discussions with family visiting for Christmas, and yesterday’s headline …
“Democratic insiders: Bernie Could Win The Nomination”
… certainly got my attention.
I was amazed by the fervor of the climate discussions with a few younger members of the family, both of whom are educated and very sure that AOC’s 12 years and out mantra is deadly accurate. I asked the question, would you vote for Bernie and the answer was an emphatic, Yes!
Ok, so I get that a lot of millennials drank the Kool-Aid, but Goldman Sachs. the world’s largest investment bank, is a whole other story. If the other major banks …
- JP Morgan. …
- Bank of America. …
- Morgan Stanley. …
- Citigroup. …
- Barclays. …
- Credit Suisse. …
- Deutsche Bank. …
… move in lockstep, as they often do when pressured by environmental groups, we could see the trend escalate into the 2020 election.
And that could change everything.
