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Goldman Sachs Latest Major U.S. Bank to Set Net-Zero Emissions Goal Without Key Details to Get There
Today, Goldman Sachs announced a new commitment to align its financing activities with a pathway to net-zero greenhouse gas emissions by 2050 and committed to set interim climate targets by the end of this year.
WASHINGTON
Today, Goldman Sachs announced a new commitment to align its financing activities with a pathway to net-zero greenhouse gas emissions by 2050 and committed to set interim climate targets by the end of this year. Goldman Sachs also indicated it would begin measuring and disclosing its financed emissions, though the announcement lacked further details on the bank's methodology for doing so and its near-term steps for cutting emissions.
Today's announcement makes Goldman Sachs the fourth major U.S. bank -- following Morgan Stanley, Bank of America, and Citi -- to make an explicit commitment to achieve net zero financed emissions by 2050. JPMorgan Chase also previously pledged to align its financing with the goals of the Paris Agreement. Notably, this means that Wells Fargo is now the only major U.S. bank that has not made a similar commitment.
Last year, a coalition of more than 60 climate and human rights organizations around the world issued a set of Principles for Paris-Aligned Financial Institutions that details what true climate leadership from banks and other financial institutions would look like to meet the Paris Agreement's goal of limiting global warming to 1.5degC.
In response, Sierra Club financial advocacy campaign manager Ben Cushing released the following statement:
"Commitments to achieve net zero financed emissions by 2050 have become the new minimum standard for climate action on Wall Street. While it's good to see Goldman Sachs headed in the right direction, the firm must recognize that mitigating its role in the climate crisis and aligning with the goals of the Paris Agreement demands stronger immediate action. Goldman Sachs and other banks should take steps now to meet these goals by not financing further fossil fuel expansion and setting a timeline for phasing out fossil fuel financing overall."
The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone's right to a healthy world.
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House GOP Revives Bill to Let Authoritarian Trump Crush Nonprofits
"We urge the House of Representatives to reject this dangerous bill and to protect our freedom of speech and our right to dissent," said the president of Oxfam America.
Nov 18, 2024
House Republicans have revived and are looking to push through legislation this week that would hand President-elect Donald Trump's incoming administration sweeping power to investigate and shut down nonprofit organizations, including news outlets and humanitarian groups.
The bill, H.R. 9495, failed to pass the House last week despite bipartisan support because the Republican leadership attempted to pass the measure using a fast-track procedure that requires a two-thirds majority vote. More than 50 Democrats, including Rep. Adam Schiff (D-Calif.) and other prominent members, backed the legislation in last week's vote, along with 204 Republicans.
This time, the GOP is attempting to advance the bill through regular order, meaning it can pass with a simple majority. The Republican-controlled House Rules Committee is scheduled to hold a markup hearing for H.R. 9495 on Monday.
After learning of the hearing, advocacy organizations that mobilized against the bill redoubled their warnings about its dire implications for free expression and the right to dissent—particularly in the hands of a would-be authoritarian who has vowed to prosecute his political enemies.
"The bill we defeated days ago is back," the U.S. Campaign for Palestinian Rights wrote on social media over the weekend. "Representatives are trying to ram through H.R. 9495, a repressive bill that could shut down nonprofits & student groups supporting Palestinian rights."
The legislation, if passed, would give the Treasury Department the authority to unilaterally strip nonprofits of their tax-exempt status by designating them supporters of terrorism. As of this writing, Trump has not announced his pick to lead the Treasury Department.
While the bill provides a brief period for an accused nonprofit to defend itself, the ACLU said the provision "is a mere illusion of due process," noting that the federal government would be able to "deny organizations its reasons and evidence against them, leaving the nonprofit unable to rebut allegations."
Abby Maxman, president and CEO of Oxfam America, warned in a statement after Republicans revived the bill that H.R. 9495 "would grant the Trump administration, and any future administration, the ability to silence and censor its critics, curb free speech, target political opponents, and punish crucial organizations that speak truth to power and help people in the United States and around the world."
"This bill would increase the powers of the president at the expense of all of our freedoms, and could impact not only organizations like Oxfam, but other nonprofits, news outlets, or even universities who dare to dissent," said Maxman. "It could put our ability to respond to some of the worst humanitarian crises at risk and prevent us from delivering lifesaving aid to some of the world's most marginalized people."
"This bill follows the same playbook Oxfam has seen other governments around the world use to crush dissent. Now we are seeing it here at home," Maxman added. "We urge the House of Representatives to reject this dangerous bill and to protect our freedom of speech and our right to dissent."
It's not clear whether the U.S. Senate, narrowly controlled by Democrats, would bring H.R. 9495 to the floor for a vote if it passes the House this week, or whether President Joe Biden would sign it into law. But Republicans will gain full control of Congress and the White House starting in January, giving them the ability to push the legislation through at a later date.
"Their rush to reconsider this bill is solely to offer Trump more and more power, while Trump's nominees for key national security posts this week indicate how he will be using it," Rep. Lloyd Doggett (D-Texas), a leading opponent of the measure, toldThe Intercept on Friday.
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US Approval of Long-Range Missiles Called 'Very Big Step' Towards World War III
One antiwar critic ripped Biden's permission for Ukraine to fire the powerful weapons on Russian targets as "utterly unhinged."
Nov 17, 2024
While neocons from both sides of the proverbial political aisle welcomed what some described as President Joe Biden's "long overdue" decision Sunday to allow Ukrainian forces to strike deep inside Russia with U.S.-supplied long-range missiles, antiwar voices sounded the alarm on what one senior Kremlin official called "a very big step towards the start of World War III."
"Biden has for the first time allowed Ukraine to use U.S. weapons to strike deep inside Russia," comedian, podcaster, and antiwar writer Lee Camp wrote on X, the social media platform formerly known as Twitter. "Apparently the Dems want WWIII before they leave office. Utterly unhinged."
President-elect Donald Trump, who is set to take office in 63 days, has vowed to quickly end the nearly 1,000-day war, which Russia started in February 2022 with a massive invasion of its smaller neighbor amid significant NATO provocations.
The New York Timesreported that the Army Tactical Missile Systems (ATACMS)—which has a range of 190 miles—will likely first be deployed against Russian and recently arrived North Korean troops in the Kursk region of western Russia, where Ukrainian forces have seized a sizable swath of Russian territory.
"Strikes with U.S. missiles deep into Russian regions will inevitably entail a serious escalation, which threatens to lead to much more serious consequences."
The Times said Biden dropped his previous reservations over allowing Ukraine to use the missiles for fear of Moscow's retaliation due to "the sheer audacity of Russia's decision to throw North Korean troops at Ukrainian lines."
Earlier this year, Biden quietly gave Kyiv the green light to carry out limited cross-border strikes near Kharkiv with shorter-range missiles as Russian forces menaced Ukraine's second-largest city.
Taking their cues from Biden, Britain and France on Sunday also dropped their objections to Ukraine using long-range offensive missiles provided by the two countries to attack targets inside Russia.
Ukrainian President Volodymyr Zelenskyy said Sunday: "Today, many in the media are talking about the fact that we have received permission to take appropriate actions. But blows are not inflicted with words. Such things are not announced. The rockets will speak for themselves."
In September, Russian President Vladimir Putin warned the U.S. and its allies that approval for Ukrainian attacks with Western long-range missiles "will mean nothing less than the direct involvement of NATO countries."
Russian officials responded to Biden's move with warnings of serious repercussions.
"Strikes with U.S. missiles deep into Russian regions will inevitably entail a serious escalation, which threatens to lead to much more serious consequences," said Leonid Slutsky, who chairs a key foreign affairs committee in the State Duma, according toReuters.
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Campaigners Demand 'Biden Make a Final Stand' for Climate Before Trump Takeover
"Trump is not in office yet, and the Democrats have the power to do so much more in the coming weeks to stand up to this fossil fuel agenda, and we need them to seize this moment," said one campaigner.
Nov 17, 2024
With the clock winding down on President Joe Biden's tenure and the dark cloud of Republican President-elect Donald Trump's imminent administration looming, activists rallied Sunday in Washington, D.C. to demand that the Biden administration "use every tool possible to make progress on climate justice" while there's still time.
Under the rallying call "Biden make a final stand, fossil fuels destroy this land," members and allies of groups including the Green New Deal Network, 350.org, Center for Biological Diversity, Fridays for Future USA, Extinction Rebellion D.C., Sunrise D.C., Oil Change International, Food & Water Watch, and others gathered outside the headquarters of the U.S. Environmental Protection Agency (EPA)—which will be run by fracking champion Lee Zeldin if Trump's nominee is confirmed by what will be a Republican-controlled Senate.
"The stakes could not be higher. Donald Trump and his fossil fuel allies are about to take control of the White House, doubling down on dirty energy policies that are destroying our planet and our communities," Food & Water Watch policy director Jim Walsh told attendees of Sunday's protest. "We will not stand by idly and watch them put the profits of fossil fuel companies above the health and well-being of our communities."
"Trump is not in office yet, and the Democrats have the power to do so much more in the coming weeks to stand up to this fossil fuel agenda, and we need them to seize this moment," Walsh continued. "We know the truth: To protect our communities, we must phase out fossil fuels. No more drilling! No more pipelines! No more permits! We need bold action on climate, and we need it now!"
In addition to calling on congressional Democrats to reject a permitting reform bill introduced earlier this year by Sens. Joe Manchin (I-W.Va.) and John Barrasso (R-Wyo.) that critics have linked to Project 2025, a conservative coalition's agenda for a far-right overhaul of the federal government.
Walsh called the proposed legislation—which has previously been derided as Manchin's "dirty deal"—a "giveaway to the fossil fuel industry masquerading as some sort of bipartisan energy solution."
"In reality, this bill will clear the way for decades of pollution and climate chaos," Walsh added. "It will poison communities for the profits of fossil fuel interests. This will do nothing except forward Donald Trump and the Project 2025 agenda."
Walsh also called on Biden to reject half a dozen permits related to the export of liquefied natural gas.
The rally coalition is calling on Biden to take the following action during the remaining 63 days of his administration:
- Declare climate change a national emergency under the National Emergencies Act;
- Declare climate change a national emergency under the Stafford Act;
- Redirect all agency funds towards renewable energy and away from fossil fuels to build back fossil-free in impacted communities; and
- Establish high labor standards to protect workers against extreme heat, wildfire smoke, and other climate emergencies through strong Occupational Safety and Health Administration regulations.
"President Biden has the power to act today," Walsh stressed.
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