Six Big Banks Pledged to Slash Emissions. Now They’re Being Subpoenaed.

Six banks were subpoenaed over their net-zero pledges, which seems to be a financial move for these historically fossil fuel backers.



What's your favorite big bank?

Last Wednesday, nineteen states announced that they had subpoenaed JPMorgan Chase, Citigroup, Wells Fargo, Bank of America, Morgan Stanley, and Goldman Sachs, asking for documents relating to the companies’ involvement with the UN Net-Zero Banking Alliance. These states felt it was against their best interests for these banks to blackball the fossil fuel industry, going so far as to call the banks “corporate activists.” But after doing some digging, it appears these companies are far from “corporate activists,” ranking number 1, 2, 3, 4, 12, and 14 in the world in fossil fuel financing. Ethan argues why the banks’ decision to join the NZBA was more a financial decision than a political one, and how this subpoena has already caused damage to the global banking community’s climate ambitions in this week’s “Tip of the Iceberg.”

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Writer: Ethan Brown, Maddy Schmidt

Fact Checker: Megan Crimmins

Editor: Megan Antone

Producers: Ethan Brown, Megan Crimmins, Shannon Damiano, Maddy Schmidt

Ad Voiceover: Maddy Schmidt

Music: Brett Sawka

The opinions expressed in this podcast are those of the host and guests. They do not necessarily reflect the opinions or views of Peril and Promise or The WNET Group.

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The Sweaty Penguin
The Sweaty Penguin is a digital news source and podcast aiming to make environmental issues less overwhelming and politicized and more accessible and fun.


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