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Within a month, 6 largest U.S. banks leave UN Net-Zero Banking Alliance

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From The Center Square

Texas Comptroller Glenn Hegar has expressed skepticism about companies claiming to withdraw from ESG commitments, noting there is often doublespeak in their announcements

Within one month of each other, six of the largest U.S. banks left the United Nations Net-Zero Banking Alliance (NZBA) not soon after Donald Trump was elected president.

Last month, Goldman Sachs was the first to withdraw from the alliance, followed by Wells Fargo, The Center Square reported.

By Dec. 31, Citigroup and Bank of America left, followed by Morgan Stanley on Jan. 6 and JPMorgan on Jan. 7.

They did so after joining the alliance several years ago pledging to require environmental social governance standards (ESG) across their platforms, products and systems.

According to the “bank-led and UN-convened” alliance, global banks joined, pledging to align their lending, investment and capital markets activities with a net-zero greenhouse gas emissions by 2050, NZBA explains.

Since April 2021, 141 banks in 44 countries with more than $61 trillion in assets had joined NZBA, the alliance says. That’s down from 145 banks with more than $73 trillion in assets it reported last month after Wells Fargo and Goldman Sachs withdrew.

“In April 2021 when NZBA launched, no bank had set a science-based sectoral 2030 target for its financed emissions using 1.5°C scenarios,” it says. “Today, over half of NZBA banks have set such targets.”

They started to drop off after President-elect Donald Trump vowed to increase domestic oil and natural gas production and pledged to go after “woke” companies.

They also announced their departure two years after 19 state attorneys general launched an investigation into them for alleged deceptive trade practices connected to ESG.

Four states led the investigation: Arizona, Kentucky, Missouri and Texas. Others involved include Arkansas, Indiana, Kansas, Louisiana, Mississippi, Montana, Nebraska, Oklahoma, Tennessee and Virginia. Five state investigations aren’t public for confidentiality reasons.

In Texas, the state legislature passed a bill, which Gov. Greg Abbott signed into law, that prohibits governmental entities from entering into contracts with companies that boycott the oil and natural gas industry. The law also requires state entities to divest from financial companies that boycott the industry through ESG policies.

To date, 17 companies and 353 publicly traded investment funds are on Texas’ ESG divestment list.

After financial institutions withdraw from the NZBA, they are permitted to do business with Texas, the office of Texas Attorney General says.

However, Texas Comptroller Glenn Hegar has expressed skepticism about companies claiming to withdraw from ESG commitments, noting there is often doublespeak in their announcements, The Center Square reported.

Notably, when leaving the alliance, a Goldman Sachs spokesperson said the company was still committed to the NZBA goals and has “the capabilities to achieve our goals and to support the sustainability objectives of our clients,” EST Today reported. The company also said it was “very focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world.”

“Goldman Sachs also confirmed that its goal to align its financing activities with net zero by 2050, and its interim sector-specific targets remained in place,” EST Today reported.

Five Goldman Sachs funds are listed in Texas’ ESG divestment list.

While announcing it was leaving the alliance, a JPMorgan spokesperson also affirmed the company’s commitment to reaching net-zero emissions. “We aim to contribute to real-economy decarbonization by providing our clients with the advice and capital needed to transform business models and lower carbon intensity,” the spokesperson said, Reuters reported.

Yahoo!Finance also notes that JPMorgan will continue to work with Glasgow Financial Alliance for Net Zero. “We will also continue to support the banking and investment needs of our clients who are engaged in energy transition and in decarbonizing different sectors of the economy,” the spokesperson said.

Citigroup and Bank of America also remain committed to net-zero objectives, including continuing to report on efforts to achieve 2030 net-zero targets and reducing CO2 emissions associated with corporate lending, FiNews reported.

The Comptroller’s office remains committed to “enforcing the laws of our state as passed by the Texas Legislature,” Hegar said. “Texas tax dollars should not be invested in a manner that undermines our state’s economy or threatens key Texas industries and jobs.”

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Trump signs executive order returning to plastic straws

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Quick Hit: 

President Donald Trump has signed an executive order mandating the return of plastic straws in federal government use, reversing what he called a “ridiculous” Biden-era push for paper alternatives.

Key Details: 

  • Trump declared his decision on social media, calling Biden’s paper straw mandate “dead.”
  • The president criticized paper straws for their poor durability, saying they “break” and “explode.”
  • Environmental activists argue the move ignores the global plastic pollution crisis.

Diving Deeper: 

President Donald Trump signed a series of executive orders Monday, including one that reverses the federal government’s use of biodegradable paper straws in favor of plastic. The decision follows Trump’s weekend announcement, where he vowed to end the “ridiculous Biden push for Paper Straws.”

During the signing ceremony in the Oval Office, Trump reiterated his frustration with paper straws, telling reporters, “These things don’t work. I’ve had them many times, and on occasion, they break, they explode.” He assured Americans that they could once again “enjoy your next drink without a straw that disgustingly dissolves in your mouth.”

The shift has drawn swift criticism from environmental groups. Christy Leavitt, plastics campaign director for Oceana, argued the order prioritizes politics over sustainability. “President Trump is moving in the wrong direction on single-use plastics,” Leavitt said. “The world is facing a plastic pollution crisis, and we can no longer ignore one of the biggest environmental threats facing our oceans and our planet today.”

Trump’s executive order on plastic straws was just one of several actions taken Monday. He also signed a full pardon for former Illinois Governor Rod Blagojevich, who was removed from office and imprisoned on public corruption charges. Blagojevich previously appeared on Trump’s Celebrity Apprentice in 2010 while under indictment and had his sentence commuted by Trump during his first term.

Additionally, Trump directed Attorney General Pam Bondi to stop enforcement of the Foreign Corrupt Practices Act, a 1977 law that criminalizes bribery of foreign officials to secure business deals. The move is expected to stir further debate over Trump’s approach to corporate regulation and foreign policy.

With his latest actions, Trump continues to dismantle policies tied to the Biden administration while reinforcing his focus on deregulation and personal freedoms—even in the form of a simple plastic straw.

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Trump reiterates desire to annex Canada after Trudeau admits plan is ‘real thing’

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From LifeSiteNews

By Clare Marie Merkowsky

Donald Trump reaffirmed his desire to annex Canada over the weekend after Trudeau was overheard last week admitting that the threat is a ‘real thing.’

U.S. President Donald Trump reaffirmed his desire to annex Canada shortly after Prime Minister Justin Trudeau was overheard admitting that the threat is a “real thing.”  

During a February 9 Fox News interview with Bret Baier, Trump confirmed that Trudeau was correct: he does plan to absorb Canada into the United States and make it the 51st state.   

“Yeah it is,” Trump said. “I think Canada would be much better off being a 51st state because we lose $200 billion a year with Canada and I’m not gonna let that happen.” 

“Why are we paying $200 billion a year essentially in subsidy to Canada? Now if they’re a 51st state I don’t mind doing it,” he continued.  

While it is true that Canada has a trade surplus with America, Canadian economists have argued that the figure is much lower than $200 billion and that if energy is excluded, the U.S. actually runs a trade surplus with Canada.

Trump’s reaffirmation of his goal to absorb Canada comes after a microphone left on at the Canada-U.S. Economic Summit overheard Trudeau admit that Trump’s threat to take over his northern neighbor is a “real thing.” 

“I suggest that not only does the Trump administration know how many critical minerals we have but that may be even why they keep talking about absorbing us and making us the 51st state,” Trudeau reportedly said. 

“They’re very aware of our resources, of what we have, and they very much want to be able to benefit from those,” he continued. “But Mr. Trump has it in mind that one of the easiest ways of doing that is absorbing our country, and it is a real thing.” 

While Trump’s comments were initially passed off as a joke by many, his persistently referring to Canada as the “51st state” and threatening to use “economic force” to overtake Canada has been met with bipartisan blowback from Canadian officials.  

Conservative Party of Canada leader Pierre Poilievre, a frontrunner for prime minister in the next election, has had choice words for Trump, vowing that Canada will “never” become a U.S. “state.”  

However, Trump’s threats seem to have some force behind them regardless of public opinion polling, with the president reneging on a 25% tariff on Canadian imports just hours before they were set to go into effect. The tariffs have not been ruled out, but merely paused for 30 days while the two governments work toward a solution.   

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