The climate cult has recently suffered a significant setback. In the climate cult’s effort to impose its alarmist dogma that carbon dioxide is the primary driver of global warming on the West, a United Nations-directed group formed the Net-Zero Banking Alliance (NZBA) in 2021.
The NZBA pressured banks worldwide, and primarily in the West, to commit to aligning their financial activities in pursuit of net-zero carbon emissions by 2050. In other words, it was a message of “good banks,” those that promoted the climate alarmist agenda and invested in so-called green technology to help realize the net-zero carbon emissions goal.
It always was a pipe dream, given the reality of fossil fuel-based energy production and the inherent limitations of renewable energy. Anyone who examined the data and numbers could not honestly deny it.
However, as with so many things, banks will go where the money is. With governments increasingly investing billions of people’s tax dollars in the green energy industry, why not sign on for a piece of that pie? And besides, bankers aren’t scientists. What if this promised utopian vision of a net-zero world were possible, if not inevitable, then being left off that gravy train could spell potential future financial ruin.
Nearly 150 banks signed onto NZBA, representing over 40% of the world’s banking assets, and all in the name of fighting the “climate crisis.”
The obvious threat the NZBA posed was to free market capitalism in that it sought to usurp people’s freedom to buy and sell that which they found best worked for them. NZBA existed not only to impose a net-zero energy industry on the globe, but even more insidiously, it aimed to eliminate the fossil fuel industry, the very industry most responsible for elevating vast numbers of people around the globe out of abject poverty.
The irony is that it is the net-zero climate cultists who are advocating for an energy transition that, if permitted to occur, would result in a massive increase in the poverty rate. That’s because cheap energy is necessary to produce a developed economy that grows and spreads wealth, enabling massive economic upward mobility. Simply put, green energy is an economic recipe for spreading poverty by significantly increasing the cost of electricity while simultaneously increasing its scarcity.
Thankfully, the election of Donald Trump hit like a proverbial hammer at the foundation upholding the NZBA. Six major U.S. banks exited the alliance in January as it became clear that Trump would not bow to the globalist green movement, but instead would seek to unshackle the fossil fuel industry in an effort to boost the American economy.
And now, nine months into Trump’s second term, the NZBA has collapsed. In August, the remaining members of the alliance met to recreate the organization under a new “framework initiative.” However, given the fast-shrinking organization, the NZBA members voted to “cease operations immediately.”
For all intents and purposes, the NZBA is now dead. And good riddance. It serves as a reminder and a warning to people to choose their bank carefully. If you don’t want your hard-earned cash being used to invest in and finance interests and causes that you are opposed to, then don’t bank with them.
