The Risk of Letting Big Finance Write Its Own Climate Rules (by Bloomberg)

The six biggest Wall Street banks have now promised to get to net-zero emissions ... But what does “net-zero” actually mean?

Financial institutions interpret this in a number of ways. It could mean continuing to finance carbon-intensive fossil fuel activities while finding ways to absorb carbon dioxide elsewhere, and even using creative accounting to balance its emissions score.

important stand in warning against one of the biggest loopholes in net-zero pledges: using carbon offsets as a replacement for cutting emissions.

I prefer capitalists self-regulate,” Larry Fink, the Chief Executive Officer of BlackRock Inc. who has quickly become one of the best-known champions for greater corporate climate action ...

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« … car rien ne se crée, ni dans les opérations de l’art, ni dans celles de la nature, et l’on peut poser en principe que, dans toute opération, il y a une égale quantité de matière avant et après l’opération ; que la qualité et la quantité des principes est la même, et qu’il n’y a que des changements, des modifications. »

Antoine-Laurent De Lavoisier 1789, Traité élémentaire de chimie.