fossil-free-finance

At Next Week’s Shareholder Meeting, Chase Faces Two Key Climate Resolutions

When JPMorgan Chase faces its shareholders this Tuesday, the bank will face votes on two key shareholder resolutions pushing the bank to clean up its act on climate.

Wells Fargo is the Last of the Big US Banks to Set 2030 Emissions Targets

Today, Wells Fargo announced new 2030 targets to reach its commitment to net-zero financed emissions by 2050. The plan includes a commitment to reduce absolute financed emissions from the oil and gas sector by 26% and financed emissions intensity from the power sector by 60%. These targets do not explicitly prevent the bank from financing fossil fuel expansion.

Climate Resolutions Garner Unprecedented Support at Big Banks’ Shareholder Meetings

This morning, shareholders at Citi, Bank of America, and Wells Fargo voted 12.8%, 11%, and 11%, respectively, in support of groundbreaking resolutions pushing the banks to end their support for new fossil fuel development. Any resolution that receives at least 5 percent of the vote is eligible to be refiled next year, and anything that receives 10 percent or more is considered difficult for a company to ignore.

MEMO: As Shareholder Season Kicks Off, Big US Banks Face Growing Climate Pressure

For the first time, the six biggest US banks – Bank of America, Wells Fargo, Citi, JPMorgan Chase, Morgan Stanley, and Goldman Sachs – are all facing votes on shareholder resolutions pushing them to end their support for new fossil fuel development.

Over 100 Organizations Escalate International Climate Campaign on Vanguard

Today, in an open letter to Vanguard CEO Tim Buckley, over 100 organizations representing over 6 million people called on the world’s second-largest asset manager to enact the visionary financial leadership that is needed to meet the scale and urgency of the climate crisis. The letter comes with the launch of Vanguard S.O.S., an international climate campaign made up of civil society organizations, finance experts, grassroots groups, and climate activists, many of whom pushed BlackRock to start tackling its climate problem with the BlackRock’s Big Problem campaign.

Bank of America is the Latest Bank to Set 2030 Emissions Targets With No Plan for Absolute Reductions or Phasing out Fossil Fuel Finance

Today, Bank of America announced new 2030 targets to reach its commitment to net-zero financed emissions by 2050. The interim targets set goals to reduce the emissions intensity from its auto manufacturing, energy, and power generation portfolios. The bank does not set absolute emissions targets.

New Report: Despite ‘Net Zero’ Rhetoric, World’s Biggest Banks Continued to Pour Billions into Fossil Fuel Expansion in 2021

Released today, the 13th annual Banking on Climate Chaos report, the most comprehensive global analysis on fossil fuel banking to date, underscores the stark disparity between public climate commitments being made by the world’s largest banks, versus the reality of their largely business-as-usual financing to the fossil fuel industry.

SEC Takes Important Step to Address Corporate Greenwashing

Today, the Securities and Exchange Commission (SEC) released a draft rule that will require publicly traded companies to disclose their greenhouse gas emissions as well as the climate risks their businesses face.

120 Groups Urge Big Banks to Pull Support for Expanded Gas Exports

Today, 120 organizations sent letters to the six biggest American banks urging them to stop lending and support for new and expanded gas export facilities, citing environmental justice and climate concerns as well as rising home heating costs for American communities being driven by the rise in exports.

Citigroup Surpasses Peers With Absolute Emissions Reduction Target for Energy Finance, Still Fails to Rule Out Support for Fossil Fuel Expansion

Today, Citigroup announced new 2030 interim targets to reach its commitment to net-zero financed emissions by 2050. The plan includes a commitment to reduce absolute financed emissions from the energy sector by 29% and financed emissions intensity from the power sector by 63%.

Sierra Club Response to Larry Fink’s Annual Letter to CEOs

New York, NY – Tonight, BlackRock CEO Larry Fink released his annual letter to CEOs.

In response, Ben Cushing, Fossil-Free Finance Campaign Manager with the Sierra Club, released the following statement:

Raskin Would Bring Much-Needed Understanding of Climate Risk to the Fed

Today, President Biden announced the nomination of Sarah Bloom Raskin to be vice chair for supervision at the Federal Reserve, the Fed’s top regulator of Wall Street banks.