Abandoning Net Zero

Banks Abandoning Net Zero

Net zero electricity by 2030 using wind and solar is an impossible dream: the resources needed to carry it out don’t exist. Net zero means that we do not burn gas and coal for electricity generation.

We need fossil fuels for the foreseeable future to keep the lights on during windless nights and during dry hydro years.

There can be no doubt that net zero electricity by 2030 will crash and burn. Sooner or later, it will have to be abandoned. ⁽²⁾

In clear preparation for President Trump’s second term, six of America’s largest banks, Citigroup, Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo, have made an exodus from the leading climate alliance. These six banks among them have a market share of more than 25% of the entire US banking industry. ⁽³⁾

The UN sponsored Net Zero Banking Alliance (NZBA) requires leading global banks to put climate extremism over good business by aligning their investments, lending, and capital market activities with the goal of net zero greenhouse gas emissions levels by 2050.

These banks should be commended for waking up and walking away from this climate pact that does nothing for the environment or the American people. Their withdrawal is a win for the growing pendulum swing against the progressive takeover of American industry under the banner of environmental, social and governance standards (ESGs).

In the name of social justice and progress, ESGs wreck havoc on the economy. ESG subsidizes unreliable energy leading to blackouts, raises costs on American families and reduces good financial investments, while discouraging innovation in the name of climate alarmism and advancing social justice. These standards undermine America’s competitiveness on the world stage, leave us more vulnerable to China and make life more difficult for American families.

The recent whiplash against NZBA’s ESG agenda is having a resounding effect. BlackRock announced that it was pulling out of a similar UN sponsored climate initiative: the Net Zero Asset Managers (NZAM). ⁽³⁾

This retreat is about more than one firm’s exit. NZAM’s decision to suspend activities is a tacit admission that its grand vision of global decarbonization through financial engineering was built on a house of cards. It turns out that arm-twisting investors into abandoning fossil fuels—still the lifeblood of modern economies—isn’t as easy as issuing a press release. ⁽⁴⁾

Tech Giants Abandoning Climate Goals

What NZAM and its allies failed to grasp is that most of the world isn’t ready to trade reliable energy sources for expensive green dreams. They didn’t count on a backlash from those who actually like to keep the lights on without bankrupting their economies.

The truth is, the world runs on fossil fuels, and no amount of corporate virtue signalling can change that overnight. Initiatives like NZAM ignorer the complexities of global energy needs and the fact that renewables aren’t ready to replace hydrocarbons on a large scale. (4)

The Tech-Giants are backing away. Microsoft and Google have given up. They’re not bragging about their carbon neutrality anymore. Not now that their emissions have increased 29% and 50% respectively in the last four or five years.

Over 500 companies pledged to get to net zero by 2040, but 96% of them are failing to stay on track. The truth is that if net zero technologies were cheap and useful, and the CEOs ever cared about the planet, they wouldn’t be abandoning them. But they are, reports Jo Nova. (5)

BP has also scaled back its emissions reduction commitment, reducing its target from a 40 percent cut by 2030 due to the financial benefits of continuing with fossil fuels. Gucci, once committed to carbon neutrality through verified carbon offsets, quietly removed its claim of being ‘entirely carbon neutral’ from its website in May 2023. Amazon has rolled back its goal of cutting emissions from half of its shipments by 2030, while Nestle has shifted its focus away from carbon offsets to concentrate on reducing actual emissions within its operation and supply chain. Easyjet, a proponent of carbon offsetting since 2019, announced in September 2022 that it would abandon its carbon offsetting scheme in favor of directly reducing emissions through investments in more efficient aircraft, sustainable aviation fuel, and operational improvements. ⁽⁶⁾

Companies have found that meeting net zero goals is both difficult and expensive, and threatens their sustainability.

Around the World

Australia

Australians don’t want to pay much for net zero. Polling shows Australians don’t believe there is much of a climate crisis. If they thought the planet would boil, they would surely be willing to spend more than $20 a week. When it came to other climate punishments to save the planet, the average person rated giving up meat as the worst option, followed by giving up petrol and diesel cars and appliances. ⁽⁷⁾

England

In 2019 the British target was raised to the elimination of 100% of net emissions by 2050 and became law after an 88 minute debate. The results have been a disaster. Even before a recent surge in energy costs, in 2020 Britons were paying about 75% more for electricity than Americans. During the energy crisis in 2022, electricity rates for British businesses were more than double the average paid by US businesses. ⁽⁸⁾

Government officials in England deliberately hid more realistic estimates which showed net zero would cost billions more than publicized, while agreeing amongst themselves that the predicted costs were highly uncertain. ⁽⁹⁾

High and rising energy costs have locked Britain into economic decline. The luxury net zero policy, which only the rich can afford, has been devastating for ordinary Britons just trying to heat their homes and get to work.

And for what? In 2022, greenhouse gas emissions for the entire United Kingdom were 0.79% of the global total on a CO2 equivalent basis. Net zero emissions by the UK would reduce global temperatures in the year 2100 by 0.11 C. This is one tenth the standard deviation of the surface temperature record, and thus would have no statistical effect. ⁽⁸⁾

Holland

In Holland, voters have sent Frans Timmermans, the EU’s climate pope packing.

It seems the European mainstream media are finally taking note of the disastrous consequences of Timmerman’s net zero zealotry. ⁽¹⁰⁾

The damage that the net zero obsession is doing to European industry and living standards is immeasurable.

New Zealand and Australia

Air New Zealand announced it would not be able to cut its carbon emissions by 29% by 2030. In a statement, the airline said it was removing its 2030 carbon intensity reduction target and will withdraw from the Science Based Targets initiative. ⁽¹¹⁾

Meanwhile, in Australia most companies are far behind Air New Zealand. Where the airline has tried and failed, 42% of Australian companies have not even started, and another 28% have no intention of finishing. That’s a 70% failure rate.

South America

South American nations are increasingly realigning energy strategies to capitalize on offshore oil and gas reserves, signaling a marked shift from previously stated goals of reducing dependence on fossil fuels to satisfy the net zero agenda of those obsessed with a faux climate emergency. ⁽¹²⁾

South America has long struggled with socioeconomic challenges, including high poverty rates and inconsistent economic growth. Offshore oil and gas reserves are an invaluable resource to lift millions out of poverty, and their development an indispensable strategy.

Compared to net zero’s dreary road to societal disaster for the sake of virtue signalling, rising oil and gas revenues are immeasurably more attractive. They offer a tantalizing prospect of monies to fortify national budgets, create jobs and stimulate broader economic growth.

European Union

The European Union’s Net Zero climate policy withdrew an EU-wide bill that would have forced farmers to reduce the use of chemical pesticides by 50% by 2030. ⁽¹³⁾

Backing away from one of the Net Zero’s most radical measures was an act of political realism. Europe was being rocked by soaring energy and food prices, much of it brought on by the political class’s obsession with lowering greenhouse gas emissions from all sources, including agriculture. With peasants running amok, the climate crisis will just have to wait.

New York

New York committed itself on a course to achieve net zero emissions by 2050. Yet multiple reports show that New York’s Climate Act, which promises to deliver 100% renewable energy, could potentially create dangerous blackouts during inclement weather. However, the state’s leadership remains committed to its climate goals. ⁽¹⁴⁾

Summary

Nobody has ever provided any verifiable physical evidence that carbon dioxide, let alone the tiny fraction produced by mankind, causes any significant global warming. Not the IPCC. Not the Royal society. No state meteorological office. No climate scientist. All they have is the output of computer models based on false assumptions. Earth’s climates are forever changing due to natural causes that overwhelm the effect of increasing carbon dioxide. Thus, net zero is an utter waste of resources, for zero effect. ⁽¹⁵⁾

The West’s headlong rush to jettison fossil fuels and hit net zero carbon dioxide emissions is impoverishing us while enriching China, which is ramping up its coal-fired industry to sell us all the green technology, says Bjorn Lomborg.

The reality is that most of the world, including powerhouse India and emerging economies, will continue to focus on becoming richer, often with fossil fuels. Russia and its ilk will ignore the fixation on climate change altogether. And China will make money from selling the West solar panels and electric cars, while only modestly curbing its own emissions. ⁽¹⁶⁾

References

1. Ben Pile, “The impossibility of net zero finally being exposed,” climatechangedispatch.com, September 22,
2. Bryan Leyland, “Net zero nonsense,”, thesaltbushclub.com, August 23, 2023
3. Paul Teller, “Big banks’ retreat from climate alliance is encouraging step in dismantling the ESG agendas/woke corporate capitalism,” realclearenergy.org, January 12, 2025
4. Charles Rotter, “The great retreat: a eulogy for the Net Zero Asset Managers initiative,” wattsupwiththat.com, January 14, 2025
5. Jo Nova, “How it ends: 96% of bog corporations are quietly abandoning their climate commitments,” principia-scientific.org, September 9, 2024
6. IER, “Big corporations are abandoning their climate commitments,” instituteforenergyresearch.org, September 23, 2024
7. Jo Nova, “Australians still don’t want to give up steak, cars, stoves or pay much for Net Zero,” joannenova.com.au, August 1, 2023
8. Benjamin Zycher, “Study: net zero and the UK’s disastrous energy policies,” climatechangedispatch.com, January 16, 2024
9. Andrew Montford, “The hidden cost of net zero,” spectator.co.uk, March 8, 2021
10. James Woudhuysen, “The Dutch revolt against net zero,” spiked-online.com, November 24, 2023
11. Jo Nova, “Net zero targets unachievable says Air New Zealand, nearly 70% of Australian companies not even trying,” August 3, 2024
12. Vijay Jayaraj, “Crude reality: South America’s offshore oil buries net zero agenda,” cornwallalliance.org, August28, 2024
13. Bonner Russell Cohen, “Joe Biden’s net zero agenda spells trouble down on the farm and at the supermarket,” realclearenergy.org, February 21, 2024
14. Kevin Killough, “Multiple reports show New York’s climate goals could harm residents, but they fall on deaf ears,” justthenews.com, August 7, 2024
15. Michael Darby, “Convincing proof that net zero is an utter waste of resources,”, principia-scientific.org, March 10, 2024
16. Will Jones, “Net zero is impoverishing the west and enriching China,” dailysceptic.org, July 24, 2024