Since joining the Net-Zero Banking Alliance, 56 members have provided US$269 billion to 102 large companies expanding fossil fuel exploration and production, according to a report by the French non-profit organization Reclaim Finance. (The Logic)

Talking point: The banking group is part of the broader Glasgow Financial Alliance for Net Zero campaign launched in 2021 by Mark Carney, the UN climate envoy and former governor for the Bank of Canada and Bank of England. Members have agreed to accelerate decarbonization in line with the Paris Agreement to reach net-zero emissions by 2050. While the group is facing pressure from environmentalists to ramp up its goals—like diverting money from fossil fuel projects to renewable energy—it’s also getting pushback from environmental, social and governance critics who claim the criteria is too stringent and conflicts with institutions’ fiduciary duties. On Tuesday, BlackRock CEO Larry Fink said the polarizing narrative around ESG investing has gotten “ugly” and “personal.” “I’m taking this very seriously,” Fink told Bloomberg at the World Economic Forum in Davos. “We are trying to address the misconceptions.”