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Sustainability Matters

What Banks' Climate Pledges Mean for Energy and Utility Stocks

Capital controlled by net-zero supporters now matches what’s needed to transform global economy, group says.

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Capital is critical to funding the greening of utilities and other industries. That makes the financial industry a key player in curbing global warming, in a way that was unthinkable just a couple of years ago. At a global climate summit last week, big banks, institutional investors, insurance companies, and regulators announced that the amount of capital controlled by institutions committed to net-zero initiatives now tops $130 trillion, up from $5 trillion in 2020, according to the Glasgow Financial Alliance for Net Zero.

Leslie Norton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.