For many months, we were overwhelmed with positive news from the business world, where one company after another issued highly promising announcements. There were times when companies seemed to be in a never-ending race to set environmental targets—some so optimistic that we raised our eyebrows, yet we still wanted to believe they were possible.
And yet, maybe we got it wrong—not about the targets, but about the companies. All of a sudden, businesses are starting to reverse course. Instead of continuing their commitment to environmental and responsible work practices, they seem to be reverting to old ways.
BP is one clear example, recently announcing cuts to its investment in renewables. Needless to say, money talks, and good intentions alone don’t seem to be enough to change a company’s mindset.
But BP is not alone. The banking sector also appears to be in a rush to backtrack on its commitments, one major step being the withdrawal from the Net Zero Banking Alliance. Reports indicate that some heavyweight banks have exited this United Nations-led initiative, including:
Bank of America
Citigroup
Wells Fargo
Goldman Sachs
Credit Suisse Group AG
GLS Bank
As consumers, we may feel powerless, but we still have a choice. We can sit back and watch, or we can show our disdain by taking our business elsewhere. While shareholders and the stock market have significant influence over businesses, ultimately, it is the consumer who holds the power to redefine the world.
Commentaires