The local weather has modified on inexperienced advantage signalling

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Messages from the archive of Rutherford Hall, critical communications strategist

From: Rutherford@monkwellstrategy.com

To: SusanKB@volponebank.com

Hi Susan, Happy New Year.

Yes, I think you are absolutely right to leave the Net-Zero Banking Alliance. As we discussed a few weeks back, it is important to act. We may have left it too late to get there before Trump’s inauguration day, but as long as we’ve moved by the time the Village People sing, all will be well.

When I look at the pros and cons of being in an organisation hated by the new US government and dominant party in Congress, then the upsides of staying are considerably below net zero. Not only was it a net zero organisation, but it was originally convened by the United Nations and it is hard to think of two more politically discredited concepts than the UN and climate change.

And you are not alone in this. Many US banks have already quit. Given that this is strictly between us, I can tell you they are all going through the same thinking in this sector. It is a shame, as we were working on amazing new strategies if Kamala had won. We even had this scheme to get a certain company to put the word green in their title.

All these plans, so dear to corporate leaders who care so passionately about climate change, have now been put on ice. Though like the polar caps, that ice may melt before too long.

Anyway, I’ll get to work drafting an announcement on this. For what it’s worth, I’m sure the shareholders will be delighted at any retreat from greenwashing virtue signalling.

Best, Rutherford.

Find me on Strava, KoM Sydenham Hill, London to Brighton 3 hrs 04m, Al Jubailah/Bawdah Loop — 42 mins.

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From: Rutherford@monkwellstrategy.com

To: SusanKB@volponebank.com

Apologies Susan, it was certainly not my intention to suggest you were engaged in greenwashing. The bank’s record speaks for itself. While others may be trimming their sales to the political wind, I recognise Volpone’s unshakeable commitment to sustainability. I’m sorry if it came across that way. Of course this is about how you can play your part in delivering the low-carbon future while recognising the changed political landscape.

My point on the finance sector is that, like Volpone Bank, they desperately want to keep 1.5 alive and believe in its environmental mission almost as passionately as Meta believes in freedom of expression.

But look, the reality is that the climate, as it were, has changed. Businesses such as yours face a political backlash and other potential penalties for prioritising such woke ideologies as preventing environmental catastrophe and will be better able to pursue this vital agenda outside of international alliances, which also rub against the clear fiduciary duty to its shareholders.

Draft statement to follow, Best R.

Find me on…

From: Rutherford@monkwellstrategy.com

To: newsdeskslist

Please see the announcement from Volpone Bank.

Three years ago Volpone announced we were “making sustainability our new standard for investing”. Today, as part of our ongoing mission to be the world’s greenest bank, we can announce that we are leaving the discredited Net-Zero Banking Alliance and seeking new ways to invest for the future of our planet. We have concluded our participation in NZBA did not materially impact our investment decisions but caused confusion on our practices and was subjecting us to legal inquiries and political attacks.

We remain convinced that sustainability is integral to the way businesses manage risk and investment, but we also expect to remain long-term backers of carbon-intensive industries because they are crucial to the transition to net zero. The success of those businesses is critical to the global economy and the world’s low-carbon ambitions. We believe these core values and our unwavering commitment to our fiduciary duty to shareholders are no longer helped by membership of the NZBA.

Volpone remains 100 per cent behind its climate goals and its green mission but there is no value in high ideals if they are not underpinned by practical realities. We believe today’s decision will speed the path to a net zero future albeit on a slightly longer arc.

WhatsApp to SusanKB: Thanks Susan, glad you liked it. I know you’ve got a bit of flak from environmental corrs but it seems to have gone down well with the target audience. I got a message from our DC office saying it had been positively noted. I think our position is entirely sustainable.

Messages recovered by Robert Shrimsley