Banks Backpedal on Overly Ambitious Net Zero Pledges Due to Practical Constraints

UBS banker Judson Berkey expresses frustration over unrealistic climate goals for banks during a conference call with regulators.

Banks reassess net zero commitments due to practical challenges such as limitations in operating in coal-reliant regions and complex client relationships.

The financial industry's initial enthusiasm for net zero pledges has encountered reality, with banks reevaluating their strategies and facing the need for a transition phase.

Banks that pledged to reduce financed emissions and invest billions in green and sustainable deals are reevaluating these commitments after facing complex realities of implementing such drastic changes.

ESG and "green" investment products are dying off, with funds being shuttered and investors taking a more measured approach.