Ada Recinos at ada.recinos@sierraclub.org (Pacific Time)
What: A new forthcoming report from the Sierra Club shows that all six major US banks — JPMorgan Chase, Bank of America, Citi, Wells Fargo, Goldman Sachs, and Morgan Stanley — are falling short in implementing best practices for interim emissions targets, exclusion policies, and disclosures to demonstrate alignment with their commitments to net-zero emissions by 2050. The report highlights key standards and concerns for banks’ practices across these areas, and despite some of the banks’ progress relative to US peers, they all lag far behind expectations for global leaders.
While banks’ long-term climate goals are laudable, they are also entirely insufficient and represent the bare minimum for climate action and risk mitigation. What is most important now is the rapid, robust, and transparent implementation of those commitments.
The report captures key elements of that implementation by examining the near-term emissions targets, exclusion policies, and climate-related disclosures of the six major US banks, as of this publication date.
When: Wednesday, October 9, 2024 at 12:01 am.
Where: Available on embargo upon request please email ada.recinos@sierraclub.org for a copy of the report and corresponding charts.
Who: Ben Cushing, Fossil-Free Finance Campaign Director, Sierra Club available to interview, please get in touch with ada.recinos@sierraclub.org to coordinate.
Why:
Though the banks have published climate targets, policies, and disclosures across a range of sectors, the scope of the report is mainly focused on those practices for the fossil fuel sector, as the principal driver of the climate crisis and an outsized source of related financial risks. The analysis provides an update and additional research to a similar report published by the Sierra Club in November 2022.
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of 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.