Why Banks’ Green Plans Include Lots of Oil and Gas

Just after global talks organized by the United Nations to rein in greenhouse gas emissions stalled this month, Goldman Sachs Group Inc. seized the opportunity to announce a tougher stance on fossil fuel financing. Environmental groups such as the Rainforest Action Network and the Sierra Club lauded the move. But the steps Goldman and other big banks are taking can also be seen as minuscule compared with the $1.9 trillion in financing they’re estimated to have extended to the fossil-fuel industr