{"id":968411,"date":"2023-01-24T20:57:24","date_gmt":"2023-01-24T20:57:24","guid":{"rendered":"https:\/\/www.commondreams.org\/news\/fossil-fuel-finance-iccr"},"modified":"2023-01-24T20:57:24","modified_gmt":"2023-01-24T20:57:24","slug":"shareholder-resolutions-push-big-banks-to-phase-out-fossil-fuel-financing","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2023\/01\/24\/shareholder-resolutions-push-big-banks-to-phase-out-fossil-fuel-financing\/","title":{"rendered":"Shareholder Resolutions Push Big Banks to Phase Out Fossil Fuel Financing"},"content":{"rendered":"

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Taking aim at Wall Street banks financing the oil, gas, and coal extraction fueling the climate crisis, a coalition of institutional investors on Tuesday announced the filing of climate-related shareholder resolutions in an effort to force “more climate-friendly policies that better align with” the firms’ public commitments to combating the planetary emergency.<\/p>\n

<\/strong>In the resolutions<\/a>, members of the Interfaith Center on Corporate Responsibility (ICCR) and Harrington Investments asked six banks\u2014Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup, and Wells Fargo\u2014to enact policies phasing out fossil fuel finance, disclose plans for aligning their financing with their stated near-term emissions reduction goals, and to set absolute end-of-decade emissions reduction targets for their energy sector financing.<\/p>\n

Shareholders also filed climate resolutions at four companies\u2014Chubb, Travelers, The Hartford, and Berkshire Hathaway\u2014that insure fossil fuel projects. <\/p>\n

“Each of the major banks has publicly committed to aligning its financing with the goals of the Paris agreement to achieve net-zero emissions by 2050, a target widely considered imperative to avoid catastrophic climate impacts and financial losses,” ICCR said in a statement<\/a>. “Scientific consensus shows that new fossil fuel expansion is incompatible with achieving net-zero by 2050, yet these banks continue to invest billions of dollars each year in new fossil fuel development\u2014a fact corroborated<\/a> by a new Reclaim Finance report released last week.”<\/p>\n

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\\u201cBREAKING: @ICCRonline members filed two shareholder proposals for 2023 calling on US banks @jpmorgan @BankofAmerica @Citibank @WellsFargo @GoldmanSachs @MorganStanley to implement more climate-friendly policies & better align with their net zero pledges https:\/\/t.co\/D000QaI2L6\\u201d<\/div>\n

\u2014 ICCR (@ICCR)
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