Wells Fargo Latest Bank to Set Emissions Reduction Rules for Gas Oil Companies

More insanity has the banks collude with the government to make sure our energy prices continue to skyrocket. Back in 2011 ten banks owned 77 percent of all banking assets. Would anyone be surprised that this number has grown? Here tis:

Wells Fargo has become the latest major financial institution to set new greenhouse gas standards requiring borrowers in the energy sector to reduce emissions.

Oil and natural gas companies must reduce their absolute emissions by 26% by 2030, based on 2019 emission levels, Wells Fargo said last week. Other power sector businesses must see a 60% reduction during the same time period.

The new rules from Wells Fargo are part of a trend from financial institutions around the world to implement such climate regulations for its lending programs, joining the likes of Citigroup Inc. and the United Nations-convened Net-Zero Banking Alliance. The alliance is an industry-led coalition of banks from across the globe with the goal to align their lending and investments with net-zero emissions by 2050.

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Wells Fargo said it is an “important step” toward achieving climate goals and transitioning to a cleaner future.

“This is an important step in the company’s work to realize its goal of net-zero greenhouse gas emissions by 2050, including client emissions attributable to its financing,” the company said last week. “The company intends to reach this net-zero ambition by continuing to support and work with its clients and providing the capital needed to meet the demands of today while working to transition to a low carbon future.”

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10 Banks Own 77 Percent Of All U.S. Banking Assets

July 18, 2011 — bunkerville

Instead of breaking up these monolithic institutions, we are simply allowing them to grow. Am I the only one who is seeing where we are headed? It does not require one to believe in conspiracies to  foretell the outcome of this. But then again, that is what the game plan requires. Total control by a handful of people and our destiny is sealed. The full story is a great read, and highly recommended. Here its:

These megabanks have rigged the game so that the wealth of the nation is slowly transferred from us to themselves and to the international financial interests that control them.

Congress was told that if the “too big to fail” banks did not receive bailouts that there would be chaos in the streets and this country would plunge into another Great Depression.  Since that time, however, essentially no efforts have been made to decentralize the U.S. banking system.

Instead, the “too big to fail” banks just keep getting larger and larger and larger.  Back in 2002, the top 10 banks controlled 55 percent of all U.S. banking assets.  Today, the top 10 banks control 77 percent of all U.S. banking assets.  Unfortunately, these giant banks are also colossal mountains of risk, debt and leverage.  They are incredibly unstable and they could start coming apart again at any time.  None of the major problems that caused the crash of 2008 have been fixed.  In fact, the U.S. banking system is more centralized and more vulnerable today than it ever has been before.

It really is difficult for ordinary Americans to get a handle on just how large these financial institutions are.  For example, the “big six” U.S. banks (Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo) now possess assets equivalent to approximately 60 percent of America’s gross national product.

They are predators.

In fact, a very revealing article in Rolling Stone described Goldman Sachs this way….

The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.

Unfortunately, they may have actually been understating things a bit.

These megabanks have rigged the game so that the wealth of the nation is slowly transferred from us to themselves and to the international financial interests that control them.

They can make money if the markets are going up, and they can make money if the markets are going down.

Here is the scheme.

Carbon pricing: how does a cap-and-trade system work?

Chris Ragan explains how a cap-and-trade system works. Companies who can take more low-cost actions do so. This reduces emissions at the lowest possible cost to the economy, while meeting the cap on emissions set by the government.

The best of the swamp today.