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Within a month, 6 largest U.S. banks leave UN Net-Zero Banking Alliance

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From The Center Square

Texas Comptroller Glenn Hegar has expressed skepticism about companies claiming to withdraw from ESG commitments, noting there is often doublespeak in their announcements

Within one month of each other, six of the largest U.S. banks left the United Nations Net-Zero Banking Alliance (NZBA) not soon after Donald Trump was elected president.

Last month, Goldman Sachs was the first to withdraw from the alliance, followed by Wells Fargo, The Center Square reported.

By Dec. 31, Citigroup and Bank of America left, followed by Morgan Stanley on Jan. 6 and JPMorgan on Jan. 7.

They did so after joining the alliance several years ago pledging to require environmental social governance standards (ESG) across their platforms, products and systems.

According to the “bank-led and UN-convened” alliance, global banks joined, pledging to align their lending, investment and capital markets activities with a net-zero greenhouse gas emissions by 2050, NZBA explains.

Since April 2021, 141 banks in 44 countries with more than $61 trillion in assets had joined NZBA, the alliance says. That’s down from 145 banks with more than $73 trillion in assets it reported last month after Wells Fargo and Goldman Sachs withdrew.

“In April 2021 when NZBA launched, no bank had set a science-based sectoral 2030 target for its financed emissions using 1.5°C scenarios,” it says. “Today, over half of NZBA banks have set such targets.”

They started to drop off after President-elect Donald Trump vowed to increase domestic oil and natural gas production and pledged to go after “woke” companies.

They also announced their departure two years after 19 state attorneys general launched an investigation into them for alleged deceptive trade practices connected to ESG.

Four states led the investigation: Arizona, Kentucky, Missouri and Texas. Others involved include Arkansas, Indiana, Kansas, Louisiana, Mississippi, Montana, Nebraska, Oklahoma, Tennessee and Virginia. Five state investigations aren’t public for confidentiality reasons.

In Texas, the state legislature passed a bill, which Gov. Greg Abbott signed into law, that prohibits governmental entities from entering into contracts with companies that boycott the oil and natural gas industry. The law also requires state entities to divest from financial companies that boycott the industry through ESG policies.

To date, 17 companies and 353 publicly traded investment funds are on Texas’ ESG divestment list.

After financial institutions withdraw from the NZBA, they are permitted to do business with Texas, the office of Texas Attorney General says.

However, Texas Comptroller Glenn Hegar has expressed skepticism about companies claiming to withdraw from ESG commitments, noting there is often doublespeak in their announcements, The Center Square reported.

Notably, when leaving the alliance, a Goldman Sachs spokesperson said the company was still committed to the NZBA goals and has “the capabilities to achieve our goals and to support the sustainability objectives of our clients,” EST Today reported. The company also said it was “very focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world.”

“Goldman Sachs also confirmed that its goal to align its financing activities with net zero by 2050, and its interim sector-specific targets remained in place,” EST Today reported.

Five Goldman Sachs funds are listed in Texas’ ESG divestment list.

While announcing it was leaving the alliance, a JPMorgan spokesperson also affirmed the company’s commitment to reaching net-zero emissions. “We aim to contribute to real-economy decarbonization by providing our clients with the advice and capital needed to transform business models and lower carbon intensity,” the spokesperson said, Reuters reported.

Yahoo!Finance also notes that JPMorgan will continue to work with Glasgow Financial Alliance for Net Zero. “We will also continue to support the banking and investment needs of our clients who are engaged in energy transition and in decarbonizing different sectors of the economy,” the spokesperson said.

Citigroup and Bank of America also remain committed to net-zero objectives, including continuing to report on efforts to achieve 2030 net-zero targets and reducing CO2 emissions associated with corporate lending, FiNews reported.

The Comptroller’s office remains committed to “enforcing the laws of our state as passed by the Texas Legislature,” Hegar said. “Texas tax dollars should not be invested in a manner that undermines our state’s economy or threatens key Texas industries and jobs.”

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Canada Revenue Agency found a way to hit “Worse Than Rock Bottom”

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From Conservative Part Communications

Last month, Carney’s Minister responsible for the Canada Revenue Agency (CRA) debuted their new slogan: “It can’t get much worse than it is now.” Today, the Auditor General reported that under the Liberals, it has.

Over the 2024/25 period, only 18 per cent of callers were able to reach a CRA agent within 15 minutes, a far cry from the target of 65 per cent of callers. In June, the numbers plunged to just 5 per cent of callers able to get through within the service standard of 15 minutes.

The average wait time took over half an hour, double what it was the year prior. And that was if you were even given the option of getting help. Nearly nine million calls were “deflected” by an automated voice telling Canadians to figure it out themselves, with no option to speak with an agent.

Wait times are so bad that over 7.6 million calls were disconnected before callers were able to reach an agent or be provided automated service. As wait times continue to get worse and worse, Canadians have just given up, evidenced by 2.4 million more abandoned calls over the previous year.

Even when Canadians manage to get hold of an agent, employees regularly fail to provide correct information about personal and business taxes. Auditors found the call centre gave incorrect information 83 per cent of the time when asked general individual tax questions.

Non-specific questions about benefits, including about eligibility, were wrong 44 per cent of the time. Meanwhile, the CRA’s automated chatbot “Charlie”, meant to relieve the call centre, answered only two of six tax-related questions correctly.

“How is it that an organization so important to the smooth functioning of the country is failing to serve Canadians and, as the Auditor General notes, places greater importance on adhering to shift schedules and breaks than on the accuracy and completeness of the information provided?” asked Gérard Deltell, Conservative Shadow Minister for Revenue.

It’s no surprise that complaints about the CRA’s contact centre increased 145 per cent from 2021/22 to 2024/25. Despite this, the Liberals announced they will begin auto-filing taxes for 5.5 million Canadians, automatically enrolling people in benefits the CRA is regularly unable to provide accurate information about.

Worse of all, the cost of the CRA’s call centre has ballooned from $50 million over 10 years in 2015 to $190 million. The total cost is projected to continue rising to $214 million over the next two years, a more than 320 per cent increase from the original contracted amount.

Meanwhile, Auditors found “there was no process documented or followed to ensure that amounts invoiced … were accurate and reflected the services received,” and that there was “little evidence that invoice details were appropriately reviewed and approved by … the Canada Revenue Agency prior to issuing payment.”

The Liberals have delivered higher taxes and higher costs with worse service for Canadians. We deserve better than continued Liberal failures. Conservatives will continue holding Carney accountable and fight to cut taxes and waste so Canadians keep more of what they earn.

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Alberta

Petition threatens independent school funding in Alberta

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From the Fraser Institute

By Paige MacPherson

Recently, amid the backdrop of a teacher strike, an Alberta high school teacher began collecting signatures for a petition to end government funding of independent schools in the province. If she gets enough people to sign—10 per cent of the number of Albertans who voted in the last provincial election—Elections Alberta will consider launching a referendum about the issue.

In other words, the critical funding many Alberta families rely on for their children’s educational needs may be in jeopardy.

In Alberta, the provincial government partially funds independent schools and charter schools. The Alberta Teachers’ Association (ATA), whose members are currently on strike, opposes government funding of independent and charter schools.

But kids are not one-size-fits-all, and schools should reflect that reality, particularly in light of today’s increasing classroom complexity where different kids have different needs. Unlike government-run public schools, independent schools and charter schools have the flexibility to innovate and find creative ways to help students thrive.

And things aren’t going very well for all kids or teachers in government-run pubic school classrooms. According to the ATA, 93 per cent of teachers report encountering some form of aggression or violence at school, most often from students. Additionally, 85 per cent of unionized teachers face an increase in cognitive, social/emotional and behavioural issues in their classrooms. In 2020, one-quarter of students in Edmonton’s government-run public schools were just learning English, and immigration to Canada—and Alberta especially—has exploded since then. It’s not easy to teach a classroom of kids where a significant proportion do not speak English, many have learning disabilities or exceptional needs, and a few have severe behavioural problems.

Not surprisingly, demand for independent schools in Alberta is growing because many of these schools are designed for students with special needs, Autism, severe learning disabilities and ADHD. Some independent schools cater to students just learning English while others offer cultural focuses, expanded outdoor time, gifted learning and much more.

Which takes us back to the new petition—yet the latest attempt to defund independent schools in Alberta.

Wealthy families will always have school choice. But if the Alberta government wants low-income and middle-class kids to have the ability to access schools that fit them, too, it’s crucial to maintain—or better yet, increase—its support for independent and charter schools.

Consider a fictional Alberta family: the Millers. Their daughter, Lucy, is struggling at her local government-run public school. Her reading is below grade level and she’s being bullied. It’s affecting her self-esteem, her sleep and her overall wellbeing. The Millers pay their taxes. They don’t take vacations, they rent, and they haven’t upgraded their cars in many years. They can’t afford to pay full tuition for Lucy to attend an independent school that offers the approach to education she needs to succeed. However, because the Alberta government partially funds independent schools—which essentially means a portion of the Miller family’s tax dollars follow Lucy to the school of their choice—they’re able to afford the tuition.

The familiar refrain from opponents is that taxpayers shouldn’t pay for independent school tuition. But in fact, if you’re concerned about taxpayers, you should encourage school choice. If Lucy attends a government-run public school, taxpayers pay 100 per cent of her education costs. But if she attends an independent or charter school, taxpayers only pay a portion of the costs while her parents pay the rest. That’s why research shows that school choice saves tax dollars.

If you’re a parent with a child in a government-run public school in Alberta, you now must deal with another teacher strike. If you have a child in an independent or charter school, however, it’s business as usual. If Albertans are ever asked to vote on whether or not to end government funding for independent schools, they should remember that students are the most important stakeholder in education. And providing parents more choices in education is the solution, not the problem.

Paige MacPherson

Associate Director, Education Policy, Fraser Institute
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