Is Wall Street in climate retreat?

Major U.S. financial institutions are backing away from climate commitments – all six largest American banks have exited the Net-Zero Banking Alliance, BlackRock has quit comparable initiatives, and the Federal Reserve has withdrawn from climate risk assessment networks. Is this merely rebranding for the Trump era, or a fundamental shift in how finance approaches sustainable investments?

In this episode of Open Circuit, we examine what's driving this retreat — from political and legal pressures to economic realities. Despite the public pullback, investment data shows a more nuanced picture, even as institutions shift from decarbonizing portfolios to "de-risking” portfolios. We’ll also take a look at the market correction for private equity investments in clean energy.

Then, we dive into the ongoing debate about Bidenomics, sparked by economist Jason Furman's recent Foreign Affairs critique. Did the Inflation Reduction Act's climate provisions represent inefficient economic policy? Co-hosts Jigar Shah and Katherine Hamilton, who helped craft and implement the IRA, provide perspectives on design, implementation, and early results.

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Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.