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Good morning. Earlier this week, I journeyed to the 16th century Great Hall of Henry VIII\u2019s home\u2014Hampton Court Palace near London. But the talk filling these halls wasn\u2019t of the past, it was about the future. Brian Moynihan, the chief executive of Bank of America, Ron O\u2019Hanley, the chief executive of State Street, and Janet Truncale, the chief executive of EY, were here to promote private sector efforts to drive the energy transition and climate sustainability. Donald Trump might want to look away.\u00a0<\/p>\n
Moynihan, O\u2019Hanley and Truncale came together following an initiative by King Charles III when he was still the Prince of Wales. He set up the Sustainable Markets Initiative to explore how businesses and investors could accelerate the energy transition, away from a reliance on fossil fuels and towards renewables and nuclear.\u00a0<\/p>\n
\u201cHis majesty set this up in 2020 with a goal of driving the private sector to do more, faster for sustainability, a future that\u2019s sustainable for all,\u201d Moynihan said. \u201cWe\u2019re a CEO-led organization, a volunteer army coalition of willing people who believe that we\u2019ve got to make this happen the right way in the current context and in the future context.\u201d\u00a0<\/p>\n
The U.S. president has changed the political weather on the energy transition, pulling America out of the Paris climate agreement and calling much of the sustainability agenda a \u201cgreen scam.\u201d He directly accused Bank of America of \u201cde-banking\u201d U.S. conservative groups, a claim denied by the bank.\u00a0<\/p>\n
BofA is sticking to the path, despite the noises from the White House. It did pull out of the United Nation\u2019s Net Zero Banking Alliance in 2025 along with JP Morgan and Citi but said it still remained committed to its customers on the energy transition.\u00a0<\/p>\n
\u201cThe private sector is critical to this,\u201d Moynihan said. \u201cAs we said from the beginning: \u2018If you need to get this done, private sectors have to drive it\u2014they have the money, innovation, the techniques, the know-how.\u2019 The private sector is important, and we\u2019re now moving to drive forward.\u201d\u00a0<\/p>\n
Moynihan is moderating across the two-day conference at Hampton Court. The King will arrive today, providing the royal stamp of approval to continuing progress on sustainability.\u00a0<\/p>\n
\u201cI get asked all the time, is this falling off the agenda?\u201d said Truncale. \u201cAnd my answer is always that the best companies are focusing on sustainability as core to resilience, value protection, value creation and growth. \u201cThere are two real reasons for that. One is about risk and one is about opportunity,\u201d Truncale adds. On the risk side, climate and weather are impacting supply chains, operations, people, assets. But, says Truncale, when it comes to the green economy there\u2019s opportunity\u2014one worth $7 trillion by 2030.\u00a0<\/p>\n
Economic momentum is even greater than a post on Truth Social. The thirst for energy supply chains not linked to the spikes and falls of fossil fuel pricing is driving change. And the recent war in the Gulf has only increased demand for more resilient, in-country renewable and nuclear systems that support the growing demand for electricity.\u00a0<\/p>\n
The U.S. administration\u2019s shift on climate sustainability does not have zero effect, but it is not the only signal. \u201cI think that\u2019s probably where there\u2019s most of the recent confusion in the market, because we haven\u2019t had policy certainty,\u201d said O\u2019Hanley. \u201cPart of it is that some of the early policies were really much more around making commitments, as opposed to really getting at what the fundamental problem is. And I think there\u2019s no place where policy has been more uncertain than in the U.S.\u00a0<\/p>\n
\u201c[But given] the cost of solar and the cost of wind being the lowest margin of any kind of energy\u2014and innovation is driving down these costs\u2014means the fact that we haven\u2019t had policy certainty really doesn\u2019t matter. The place in the United States where there\u2019s the highest amount of renewables is Texas. You think of Texas as being fossil fuel central, and it is in the United States, but it\u2019s also renewable central, and that has everything to do with economics.\u201d<\/p>\n
Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/p>\n
Top leadership news<\/p>\n
BlackRock invests in the trades<\/p>\n
BlackRock announced on Wednesday that the company will invest $100 million in a skilled trade training program. CEO Larry Fink stressed the need for more tradespeople, noting that \u201cAmerica needs an estimated $10 trillion in infrastructure investment by 2033 to modernize aging systems and build new energy, digital, and AI infrastructure.\u201d<\/p>\n
The fuel crisis hits Asia<\/p>\n
Governments across Asia are introducing energy-saving measures as oil prices spike due to the Iran conflict and the closing of the Strait of Hormuz. Thailand ordered civil servants to take the stairs, Vietnam is encouraging workers to log in from home, and the Philippines is pushing for a four-day work week.<\/p>\n
Elon Musk warns to \u201cproceed to caution\u201d after reported Amazon meeting<\/p>\n
Elon Musk posted publicly on social media to \u201cproceed with caution\u201d after the Financial Times reported that Amazon held a mandatory meeting to investigate site outages related to AI coding features. The meeting reportedly touched on the need for additional guardrails, though an Amazon spokesperson told Fortune that it was a part of\u00a0 \u201cnormal business\u201d that \u201cinclude[s] a review of the availability of our website and app as we focus on continual improvement.\u201d<\/p>\n
The markets<\/p>\n
S&P 500 futures are down 0.34% this morning. The last session closed down 0.08%. The STOXX Europe 600 was down 0.22% in early trading. The U.K.\u2019s FTSE 100 was down 0.35% in early trading. Japan\u2019s Nikkei 225 was down 1.04%. China\u2019s CSI 300 was down 0.36%. Hong Kong\u2019s Hang Seng was down 0.7%. South Korea\u2019s KOSPI was down 0.48%. India\u2019s NIFTY 50 was down 0.95%. Bitcoin was up to $70K.<\/p>\n
Around the watercooler<\/p>\n
Top economist says Iran war could trigger an economic \u2018butterfly effect\u2019\u2014and keep inflation elevated for years by Jake Angelo<\/p>\n
It\u2019s thanks to Social Security wealth inequality isn\u2019t even worse, Wharton economist says. Trump\u2019s policies will push it to insolvency in 6 years by Tristan Bove<\/p>\n
MacKenzie Scott gave away more than $7 billion last year\u2014but her secretive style got her snubbed from a top donors list by Sydney Lake<\/p>\n
Tim Cook says late Apple cofounder Steve Jobs gave him this unforgettable advice before handing over the reins as CEO: \u2018Never ask what I would do\u2019 by Emma Burleigh<\/p>\n
CEO Daily is compiled and edited by Joey Abrams, Claire Zillman and Lee Clifford.<\/p>\n
#U.K.based #sustainability #initiative #drawing #U.S #CEOs #BoAs #Brian #Moynihan<\/p>\n","protected":false},"excerpt":{"rendered":"
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