The Big Take
Wall Street Is Rewriting Its Energy-Sector Playbook
Trump’s oil and gas policies are causing a shakeup in the $1.4 trillion energy-finance sector.
Wall Street’s unanimity on the need to limit climate change is collapsing, sparking a reset in the $1.4 trillion global market for energy finance.
As the White House makes supporting oil, gas and coal a priority, US banks that just a few years ago were vocal in their embrace of net zero targets are now following a very different playbook. That includes discussing removing long-standing restrictions on some of the most controversial fossil-fuel projects, according to people familiar with the process who asked not to be named revealing private deliberations.