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The Trump Effect: Goldman Sachs quits global climate coalition for banks - 

'Biggest bank to leave the Net-Zero Banking Alliance'

By Simon Jessop and Virginia Furness

Biggest bank to leave the Net-Zero Banking Alliance

Says it is focused on 'elevated' regulatory requirements

Will continue to report on progress

LONDON, Dec 6 (Reuters) - Goldman Sachs (GS.N), opens new tab said it has quit a sector coalition aimed at aligning bank lending and investment 
activities with global efforts to fight climate change, becoming the most high-profile member to leave the group.

The U.S. investment bank's decision comes against a backdrop of pressure from some Republican politicians who have suggested that membership of the 
Net-Zero Banking Alliance (NZBA) could breach anti-trust rules.

Goldman Sachs gave no explicit reason for its departure, but focused on its strategy for the future and a growing push by regulators to make 
sustainability efforts mandatory.

"We have the capabilities to achieve our goals and to support the sustainability objectives of our clients. Goldman Sachs is also very focused on the 
increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world," it said in a statement on Friday.

While it remains unclear what will happen to U.S. rules around climate-related company disclosures under President-elect Donald Trump, many large 
U.S. firms including Goldman Sachs will have to disclose under European Union rules.

Banks joining the voluntary NZBA agree to align with the world's aim of reaching net-zero emissions by 2050, set targets to help get them there and 
publish progress on their efforts each year, something Goldman Sachs said it would continue to do.

"We have made significant progress in recent years on the firm's net zero goals and we look forward to making further progress, including by 
expanding to additional sectors in the coming months," it said.

"Our priorities remain to help our clients achieve their sustainability goals and to measure and report on our progress."

A spokesperson for the NZBA declined to comment when contacted by Reuters.

The bank said in 2019 it would deliver $750 billion of sustainable financing by 2030, and noted it had reached about 75% of this target in its 2023 
sustainability report.

CEO David Solomon reiterated Goldman's commitment to the energy sector in this report, saying the bank will continue to finance and advise clients in 
the sector, as well as invest in decarbonisation technologies. "We need to do both. It's not an or, it's an and," he wrote.

The bank said it would align its financing activities to support a net zero target by 2050 and has set interim targets to help clients reduce carbon 
emissions in the energy, power and automotive sectors.

<https://www.reuters.com/sustainability/sustainable-finance-reporting/goldman-sachs-quits-global-climate-coalition-banks-2024-12-06>

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December:

Russia In The Freezer

India Chills

Northern India's Big Freeze Intensifies

Cold Wave Enters Vietnam

Freezing Lows And Heavy Snows Hit U.S., More To Come

Kashmir Freezes At -18c (-0.4f)

Below Average Antarctic Plateau

Another Round Of Lake-Effect Snow

Cold Waves Lifting Natural Gas Prices

Snow Returns To Scotland And Wider Europe

Global Temperature Tumbles

Antarctic Sea Ice Recovery

Severe Cold Hits Pakistan

Florida Set For Record Cold

Snowy November At Red Mountain

U.S. Battered By Cold And Record Snow

Parts Of Ontario Under A Meter Of Snow

Early-December To Deliver Another Burial To Europe


November:

Six Dead As Record Snowfall Hits South Korea
Farmers In Northern China Struggle During Record Cold/Snow
Harsh Chill Grips India
Canada At -40.6c, Greenland Sees -56.3c
Record Snows Hit Siberia And Russian Far East
ECMWF Forecasts Cold Winter For Europe
Half Of China Registers Record Low Temps, Snow Records Broken
NH Snow Cover Steps Up
Record Russia Snow
Seoul's Heaviest November Snow Since Records Began (In 1907)
Arctic Blast To Impact 230 Million Americans
+ U.S. Cold Front Sends Natgas Futures Soaring Amid Falling Production
India's Cold Wave
Israel's First Snows Of The Season
31 Inches Hit Ukraine
Parts Of Russia Buried
Big White
Northern Hemisphere Burial
Record Cold Headed For Greenland
France Sees Heavy Snow
Turkey Blanketed
Winter Arrives In The U.S.
Record Snowfall In Calgary
Beijing Braces For Cold Wave
Cold, Snowy Europe
England's Lowest Temp Since 2014
Ireland Hits Record Electric Demand
Fierce Winter Forecast For India
Record Snow Clips The U.S.
UK Issued Fresh Snow Warnings
Global Cooling And Storminess
Record Cold And Heavy Snow Grip The Uk
Norway Chills
Harsh Freeze Sweeps Siberia And Mongolia