The European Union has warned that a decision by US President Donald Trump to withdraw from the Paris Agreement on climate change could have a "serious blow" on global efforts to combat the issue. This warning comes as several major financial institutions, including Citigroup and Bank of America, have exited a global climate-banking alliance. In contrast, Sembcorp has made its debut on the Dow Jones Sustainability Asia Pacific Index, highlighting the growing importance of sustainability in business practices.
https://www.businesstimes.com.sg/esg/eu-warns-serious-blow-trump-climate-changeBank of America strategists, including Winnie Wu, are warning investors to be cautious in 2025 due to uncertainties in global trades and economic growth caused by geopolitical dynamics. To mitigate this volatility, Shanghai and Shenzhen exchanges have pledged to continue opening up China's capital markets after meeting with foreign institutions over the weekend. Despite these efforts, the yuan has continued to weaken, reaching a 16-month low against the US dollar.
https://www.brecorder.com/news/40341279/china-stocks-fall-to-three-month-low-as-trade-growth-concerns-persistCiti and Bank of America have announced that they are leaving the Net-Zero Banking Alliance, a global climate-banking group. This decision comes after Goldman Sachs and Wells Fargo had already exited the coalition in recent weeks. Despite their departure from the alliance, both Citi and Bank of America remain committed to achieving net zero emissions targets.
https://news.bloomberglaw.com/esg/citigroup-decides-to-leave-climate-banking-groupUS banks Citigroup and Bank of America have announced their exit from the Net-Zero Banking Alliance, a group of global banks committed to reducing greenhouse gas emissions. This move follows similar decisions by Wells Fargo and Goldman Sachs earlier this month. The NZBA was established to promote sustainable banking practices and reduce carbon footprint in the financial industry.
https://www.manilatimes.net/2025/01/02/business/foreign-business/citigroup-bofa-exiting-nzba/2029080