Climate change

The New York megabank, which is stuck in the middle of a legal battle between climate groups and the Trump administration, had been ordered earlier this week to disburse billions of dollars in grants made during the Biden administration.

U.S. District Judge Tanya Chutkan said the Environmental Protection Agency could not suspend the previously awarded funds. The case put Citigroup in the crossfire of a legal battle between climate groups and the Trump administration.

The Office of the Comptroller of the Currency said it would cease its participation in interagency principles for regulating climate-related risks at the banks it regulates. 

A federal judge ruled that the bank must keep the $14 billion granted by the Environmental Protection Agency in the recipients' accounts. The Trump administration has been trying to pull back money distributed under President Joe Biden.

The Office of the Comptroller of the Currency announced Tuesday it had withdrawn from an international body devoted to combatting climate-driven financial risk, saying it fell outside the agency's statutory remit.

Catastrophic weather events illustrate the risks and opportunities for banks.

The Federal Deposit Insurance Corp. Tuesday officially withdrew from an international regulatory body devoted to combatting climate-driven financial risks, following similar actions by other U.S. bank regulators. 

Citing concerns about going outside its statutory mandate, the Federal Reserve Board of Governors voted to leave the Network of Central Banks and Supervisors for Greening the Financial System.

The insurance market going into the Jan. 7 catastrophe already had been hit with non-renewals and cancellations -- and an overburdened state-supported insurance plan. A Morningstar analyst said the state insurance commissioner's reform strategy could have turned it around but now faces new obstacles.

A trio of blazes in SoCal have destroyed over 2,000 homes and structures in neighborhoods with average property values well above the national average.

The wildfires add pressure to California's home insurance market, which has faced a growing crisis in recent years.

The banking giant's exit from the global Net-Zero Banking Alliance leaves just three smaller U.S. banks in the group. Climate activists called large banks' departures a capitulation to Republicans' climate denialism.

Bank of America, Citigroup, Wells Fargo and Goldman Sachs have also withdrawn from the Net-Zero Banking Alliance in the past month, as President-elect Donald Trump prepares to take office.

Goldman will no longer be a member of the Net-Zero Banking Alliance, a decision largely motivated by a need to comply with mandatory reporting guidelines.

The founder of a bank whose mission is to reduce atmospheric carbon dioxide is undaunted by the prospect of a more fossil-friendly Trump administration.

Banks reporting their energy supply ratios, which compare rates of lending to fossil fuel projects and clean energy projects, should be required to do so in a way that allows easy comparisons across institutions.

JPMorgan Chase, Bank of America, Citigroup and other big banks have committed to reaching net-zero emissions by 2050. But their execution is lagging behind their pledges, according to a new report by the environmental group.

Investors and startups see the AI boom in financial services and across the economy driving the necessity for cleaner power.

Some of the country's largest banks, including Bank of America, Citi and Morgan Stanley, said they support efforts to increase capacity, highlighting nuclear's role in the clean energy transition.

Tech companies and banks are trying to shrink the carbon footprints of the large language models they create, host and deploy. Can they move fast enough?