Climate: Joe Biden’s victory would push US banks to be more virtuous

Posted on Oct 27, 2020 at 7:39 am

Joe Biden’s possible victory in the White House would undoubtedly be good news for the environment. Paradoxically, not necessarily for French banks. Smaller than their American counterparts, French banks, on the other hand, pride themselves on being at the forefront of the fight against global warming. What the NGOs – while stressing that there is still some way to go – recognize them. The situation could change, however, if Joe Biden were elected to the White House.

“For the moment, American banks are behind schedule because they have almost no pressure from regulators”, recognizes the head of Corporate Social Responsibility (CSR) of a large French bank. In February, Jerome Powell, the chairman of the Federal Reserve, was still hesitant to join the network of central banks and supervisors against climate change, the Network for Greening the Financial System (NGFS).

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