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For Immediate Release
September, 21 2022, 04:28pm EDT
Contact:
Ginny Cleaveland: ginny.cleaveland@sierraclub.org
Sierra Club responds to US banks' threats to leave global net-zero alliance
Media outlets reported today that major US banks including JPMorgan Chase, Bank of America, and Morgan Stanley are threatening to leave the Glasgow Financial Alliance for Net Zero (GFANZ) over concerns that updated criteria around financing of new fossil fuel projects may make the banks vulnerable to legal challenges from fossil fuel-aligned politicians.
The Sierra Club's Fossil-Free Finance campaign director Ben Cushing issued the following statement in response to the news:
WASHINGTON
Media outlets reported today that major US banks including JPMorgan Chase, Bank of America, and Morgan Stanley are threatening to leave the Glasgow Financial Alliance for Net Zero (GFANZ) over concerns that updated criteria around financing of new fossil fuel projects may make the banks vulnerable to legal challenges from fossil fuel-aligned politicians.
The Sierra Club's Fossil-Free Finance campaign director Ben Cushing issued the following statement in response to the news:
"It is unsurprising that dirty energy lobbyists and their political allies are cynically threatening legal action against banks who take climate change seriously. But these threats should be seen for what they are: bad faith attacks that are simply the latest form of climate denialism.
The science is clear, and it hasn't changed: The only way to prevent runaway climate change is to stop financing new fossil fuel expansion. All six major US banks -- including the very banks considering leaving this global alliance -- have already announced their own commitments to achieve net-zero emissions. In order to do this, these banks will each ultimately need to take the steps that the science demands -- regardless of their membership in voluntary climate initiatives."
BACKGROUND
The Glasgow Financial Alliance for Net Zero (GFANZ) includes the Net Zero Banking Alliance (NZBA), which is a member of the Race to Zero campaign, a UN-backed global campaign rallying non-state actors to take rigorous and immediate action to halve global emissions within this decade. All six major US banks--Citibank, JPMorgan Chase, Bank of America, Wells Fargo, Morgan Stanley, and Goldman Sachs--have been members of NZBA since 2021.
In June, Race To Zero released an updated set of criteria for its members, calling for the phaseout of all unabated fossil fuels as part of a just transition. The accompanying interpretation guide said that members of the initiative--including the investors, banks, and insurers who are part of GFANZ--must restrict the development, financing, and facilitation of new fossil fuel assets, including no new coal projects. But as of last week, Race To Zero updated its interpretation guide to clarify its guidance on new investments in fossil fuels, nominally granting members more flexibility in implementing their climate transition plans.
Last week, the Sierra Club and a global coalition of advocacy organizations sent a letter to the UN Environment Programme Finance Initiative (UNEP-FI) and the Net Zero Banking Alliance (NZBA) steering committee, asking the alliance to specify plans for complying with the new Race to Zero criteria.
According to Race to Zero, all existing members and partner organizations will be required to meet the criteria by June 15, 2023, at the latest. In the meantime, Race to Zero stated it will shift its focus to the implementation and accountability of net-zero commitments for the organizations that have made them.
The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone's right to a healthy world.
(415) 977-5500LATEST NEWS
'I’m Scared For My Parents': Oregon Teen Pleads With City Council to Rein In ICE
“As a 16-year-old, I shouldn’t be scared," said the boy at a meeting in a Portland suburb. "I should be focusing on school.”
Nov 07, 2025
The testimony of a 16-year-old from Hillsboro, Oregon at a city council meeting this week gave a clear picture of what it's like to be a young person in a community that's been targeted by President Donald Trump's mass deportation campaign, with the boy describing his fear of being detained by masked federal agents at school or of his parents being taken away while they are at work.
“I just want to tell you guys that I’m scared for my parents to walk out the house because I might not be able to say goodbye to them if they go to work,” the teenager, who was identified as Manny, told Hillsboro City Council on Tuesday at a meeting where residents of the Portland suburb gave more than three hours of public testimony on the impact of US Immigration and Customs Enforcement (ICE) operations in the town.
The Portland Immigration Rights Coalition told Oregon Public Broadcasting this week that at least 135 people have been arrested by ICE and other federal agencies in Washington County, where Hillsboro is located, since Trump deployed them to the Portland area.
The county, which is the most diverse in Oregon, declared a state of emergency this week over immigration enforcement, allowing officials to use $200,000 in contingency funds for community organizations that help residents impacted by the surge in arrests.
Manny was one of many residents who spoke at the meeting, calling on city councilors to do more to oppose the federal operations and demand that city police work to protect the community from ICE.
“I might not ever be able to say bye or see [my parents] again if you guys don’t side with us," he said in the statement, which went viral on social media after the meeting. "And I’m scared because of it, because they fought so hard to come here and choose a life for their kids.”
Devastating— “I’m afraid for my parents to leave the house. They treat us like dogs because of the color of our skin. I shouldn’t be scared, I should be focusing on school.”
A 16yo American living in fear of the Trump regime’s ICE goons terrorizing brown people pleads for help. pic.twitter.com/fDgKfLPeHl
— The Tennessee Holler (@TheTNHoller) November 6, 2025
He drew applause when he said Trump "acts like a child," and went on to describe the anxiety he lives with daily as federal agents make arrests in the area.
"I'm scared that I'm never going to be able to see all my friends again, I'm scared that their parents are gonna be gone one day, I'm scared that all of us are gonna have to fend for ourselves, and I'm scared that one day at school, that I'm gonna get held by people... that I can't identify because they wear masks," he said.
“As a 16-year-old, I shouldn’t be scared," he added. "I should be focusing on school.”
Other residents described being afraid to send their children to school, and Juan Pedro Moreno Olmeda, a soccer coach at Hillsboro High Shool, was joined by several students as he described the toll ICE arrests are taking on children in the community.
"We recently had one of our teammates lose a father and two uncles, and another lose their older brother; they were taken by ICE,” Moreno Olmeda said. “I want you to look at these kids and think about all the sacrifices that they would have to go through to become that financial pillar for their household. They would maybe have to stop going to school. They would have to give up on soccer for sure. They would have to find jobs in order to become that pillar for their household.”
Hillsboro resident Sandra Nuñez-Smith added that her brother had been arrested by ICE in front of his stepson.
“He had just gotten into his car, and his stepson was barely getting into the back seat when he was pushed out of the way by an ICE agent—or bounty hunter—so they could get to my brother,” she told council members. “He was wrongfully taken due to a paperwork error at the county clerk’s office. He was not given his rights or due process, and no effort was made to investigate the current status of his case.”
Hillsboro is a sanctuary city and its police do not cooperate with federal immigration enforcement, but Mayor Beach Pace and Police Chief Jim Coleman said last month that city authorities also "cannot intervene in ICE operations and cannot assist or protect individuals from federal arrest or legal consequences if they interfere with ICE operations."
Manny was among the residents who called on the City Council to pass ordinances to protect residents, hold masked and unidentified agents accountable for assaulting and detaining people, and provide guidance to local businesses on prohibiting ICE from their premises.
Police, said Hillsboro resident and former Washington County sheriff’s deputy Red Wortham, "can set a standard. They can document what happens, respond to emergency calls, and make it clear that follow-up will occur later."
"It is a significant failure of law enforcement to ignore calls," said Wortham, "about terrifying, dangerous, armed takeovers of cars, businesses, and people by seemingly private armed thugs in masks.”
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Consumer Sentiment Falls to Near-Record Low as Trump Wrecks Hope in US Economy
"Americans are losing faith in the economy because they're losing ground," said one policy expert. "Every day it becomes clearer that President Trump has no real interest in improving the lives of American families."
Nov 07, 2025
Consumer sentiment in the United States has fallen to a near-record low and Americans' view of current economic conditions has deteriorated under President Donald Trump's administration, which is overseeing and contributing to price increases, large-scale layoffs, looming insurance premium hikes, and devastating cuts to food aid.
The University of Michigan's closely watched Surveys of Consumers released updated data on Friday showing that consumer sentiment has fallen over 6% this month compared to October as Americans increasingly fear that the government shutdown will have "potential negative consequences for the economy."
"This month's decline in sentiment was widespread throughout the population, seen across age, income, and political affiliation," said Joanne Hsu, director of the Surveys of Consumers. "One key exception: consumers with the largest tercile of stock holdings posted a notable 11% increase in sentiment, supported by continued strength in stock markets."
The latest consumer sentiment survey posted a reading of 50.3, the second-lowest level since 1978.
The university's "current economic conditions" index, meanwhile, fell to an all-time low of 52.3 in November, down nearly 11% from last month.
"Middle-class and lower-income Americans are scared right now... about the shutdown, high costs, and potentially losing their jobs in the next 12 months," wrote Heather Long, chief economist at Navy Federal Credit Union.
Middle-class and lower-income Americans are scared right now...about the shutdown, high costs and potential losing their jobs in the next 12 months.
Consumer Sentiment fell to the 2nd lowest level ever in the U Michigan Survey of Consumers.
The "current economic conditions"… pic.twitter.com/0XGjf3DhFC
— Heather Long (@byHeatherLong) November 7, 2025
Alex Jacquez, chief of policy and advocacy at the Groundwork Collaborative, said in response to the consumer sentiment data that "Americans are losing faith in the economy because they’re losing ground."
"Every day it becomes clearer that President Trump has no real interest in improving the lives of American families," said Jacquez. "His economic mismanagement has left households buried under record debt and rising prices. It's no surprise consumer sentiment is at its lowest point since 2022, and households are turning to leaders who didn't just learn the word 'affordability.'"
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Mamdani's Movement Aims to Stay Activated While He Governs NYC
"We will organize to win and defend the agenda that resonated with voters: free childcare, fast and free buses, freezing the rent and building affordable homes, and more," says Our Time for an Affordable NYC.
Nov 07, 2025
On the heels of over 1 million New Yorkers voting for Mayor-elect Zohran Mamdani's affordability agenda, his allies have launched an organization that aims to keep the movement behind the democratic socialist's successful campaign active during his term.
"We will organize to win and defend the agenda that resonated with voters: free childcare, fast and free buses, freezing the rent and building affordable homes, and more," says the website of the new 501(c)(4), Our Time for an Affordable NYC.
"We'll be door-knocking, phone-banking, communicating, and organizing at the neighborhood, city, and state level," the site explains. "To get it done, we'll collaborate with community organizations, movement groups, and unions that have been doing this work and share a commitment to the affordability agenda."
While Our Time embraces Mamdani's messages and policies, it is distinct from the mayor-elect and his campaign, and "was legally incorporated last week before his victory over former Gov. Andrew M. Cuomo," the New York Times reported Thursday. The newspaper noted Mamdani's comments about the group during a press conference earlier this week.
"I will always celebrate anyone who is looking to build on the incredible, amazing grassroots enthusiasm of our campaign," he said. "This work was not simply to win an election but transform our city, and that means it has to continue."
Mamdani "also encouraged supporters to join the New York City chapter of the Democratic Socialists of America, his political home," according to City & State New York. Our Time's leadership has ties to the NYC-DSA, which played a key role in mobilizing support for Mamdani during the campaign.
Our Time's site names five people leading the organization: executive director Jeremy Freeman, field manager Magdalena Morańda, senior adviser Susan Kang, and board members David Turner and Batul Hassan.
"Our goal is to channel the energy of a volunteer base towards winning the affordability agenda, and doing so at this scale is unprecedented in New York City history," Freeman told the Times. "In developing the organization, we're looking carefully at past examples both positive and negative, and we'll certainly be sure to avoid the pitfalls of any similar efforts by past administrations, and we'll be as transparent as possible in our practices."
The group's creation has prompted comparisons to Our Revolution, which launched after the 2016 presidential run of Sen. Bernie Sanders (I-Vt.), one of Mamdani's most prominent supporters.
Some political observers have also framed it as what former Democratic President Barack Obama should have done after winning his first term. The American Prospect's executive editor, David Dayen, said that "this is the opposite of what Obama did to his volunteer base after 2008."
There's also the cautionary tale of former NYC Mayor Bill de Blasio's Campaign for One New York, which shut down in 2016 amid alarm over its finances, including donations from entities that had business before or labor contracts with City Hall.
Our Time is "a fully independent organization," and it is "not asking for dues or formal membership," the group's site says. "We are accepting donations from individuals, foundations, and other philanthropic organizations. All donations greater than $1,000 will be disclosed publicly on our website."
Freeman told the Times that the group will not be accepting money from corporations or firms with business before the city.
"Our victory was historic, but the campaign for an affordable New York City is just beginning," Our Time's site says. "Even as billionaires have made their opposition clear, more than 100,000 volunteers helped win this election, and they want to keep going. Our Time can be a vehicle for continued engagement—a way for folks to plug in and stay active while they find a long-term political home."
The group is coming together as Mamdani supporters, skeptics, and critics all wonder how much of his popular platform he'll actually be able to accomplish after the state assemblyman is sworn in as mayor next January.
Time on Tuesday published a detailed look at the barriers Mamdani will face in his mission to deliver a rent freeze, more affordable housing, city-run grocery stores, fare-free buses, no-cost childcare, a higher minimum wage, and taxes targeting the 1%.
"Raising taxes would require approval from the Democratic-controlled state Legislature and New York Gov. Kathy Hochul," Time noted. "Hochul endorsed Mamdani but expressed fears that significant tax hikes would force wealthy residents out of the city, ultimately opposing his proposed tax increases."
After Mamdani's Tuesday victory, longtime labor organizers Peter Olney and Rand Wilson wrote in an op-ed that during his four-year term, "every Republican and corporate Democrat will do everything possible to ensure he fails, to discredit his socialist platform."
"Any success he achieves as mayor will be due to the strength of the movement that prevailed in the primary and continued to grow for his election in November," they stressed. "If that movement stays mobilized, continues to grow, and delivers for New York’s working class, it will be an inspiring political model that our labor movement should support and attempt to replicate in other US metropolitan areas."
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