Transition 2020: Wall Street braces for climate change scrutiny under Biden
By Zachary Warmbrodt
Big Wall Street banks, facing the prospect that Democrats will impose new rules to force lenders to deal with natural disasters and rising sea levels, are positioning themselves as eager allies with a Joe Biden administration in fighting climate change…. White House economic adviser Larry Kudlow has criticized what he called discrimination in lending to fossil fuel companies. The blowback from the right underscores the dilemma that bankers face as they try to incorporate moral judgments into their lending activities. “You really start to see a terrific amount of discomfort in bank board rooms,” said Federal Financial Analytics managing partner Karen Petrou, who advises bank executives on policy issues. But many Democrats and climate activists are looking skeptically at the pledges coming from Wall Street, arguing that they’re too little, too late.