ESG & Investing
Why Wall Street’s Climate Efforts Are Failing
A new report assails the galaxy of finance industry pledges, groups and models as nowhere near enough to make a dent in global warming.
Activists rally for action against climate change near Wall Street in New York City in 2019.
Photographer: Drew Angerer/Getty Images
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Over the last few years, an ecosystem of climate pledges, groups and models has expanded on Wall Street in a bid to cut—or appear to cut—the financial industry’s role in global warming.
But many of those efforts have had a limited impact on thwarting the damage inflicted by climate change, according to researchers at Columbia University. And at the same time, Wall Street spends hundreds of millions of dollars each year to block measures that could help.