Gabby Brown, gabby.brown@sierraclub.org
New York, NY -- Today, in an announcement reported by Politico, Morgan Stanley announced it would become the first major American bank to track and report the greenhouse gas emissions from its loans and investments as part of the bank’s own contribution to climate change by joining the Partnership for Carbon Accounting Financials.
From 2016-2019, Morgan Stanley invested more than $91 billion in fossil fuels. The bank and its peers have faced growing pressure from the environmental movement to account for their contribution to the climate crisis and pull their support for fossil fuels.
In response, Sierra Club Senior Campaign Representative Ben Cushing released the following statement:
“This move is a major step in the right direction for Morgan Stanley, and any bank that claims to support climate action or the goals of the Paris Agreement should follow suit. Wall Street is driving the climate crisis, and if banks want to be part of the solution, they have to start by being transparent about the extent to which they’re currently part of the problem. Measuring and disclosing their impact is important, and now the critical next step will be to mitigate this impact by committing to an aggressive timeline to phase out their funding for climate-polluting fossil fuels altogether.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3.5 million members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.