July, 20 2020, 12:00am EDT
Morgan Stanley Set to Become First U.S. Bank to Publicly Disclose How Much Its Loans and Investments Contribute to Climate Change
WASHINGTON
Today, Morgan Stanley announced it will become the "first U.S.-based global bank to join the Partnership for Carbon Accounting Financials (PCAF) and its Steering Committee as part of the firm's commitment to measuring and disclosing its approach to climate change risk and opportunity." PCAF includes financial institutions from around the world and represent more than $5.3 Trillion USD in assets.
As You Sow filed this 2020 shareholder resolution with Morgan Stanley, which was withdrawn earlier this year after reaching an agreement in which the company agreed to evaluate emissions measurement methodologies like PCAF. As You Sow reached similar agreements with Wells Fargo, Goldman Sachs, and Bank of America -- all three recently joined Rocky Mountain Institute's new Center for Climate-Aligned Finance. JP Morgan also joined after As You Sow's 2020 shareholder resolution nearly received a majority vote. The banks are under growing pressure as investors are increasingly concerned about the impacts of a warming planet.
Danielle Fugere, president of As You Sow, made the following statement:
"Morgan Stanley is taking a critical step by committing to disclose its financed emissions. For too long the big banks in the U.S. have denied responsibility and delayed action on addressing their emissions because calculating them was deemed too complex. Morgan Stanley's commitment shows that banks can and must do this work to reduce the risk that the climate crisis poses to banks and to the entire economy. This is work that cannot wait."
Lila Holzman, energy program manager of As You Sow, made the following statement:
"We are pleased that U.S. banks are finally stepping up to the challenge of measuring and reducing climate impacts as European peers already have. Morgan Stanley's commitment shows that digging in and taking responsibility for its climate contribution is good business. We expect other U.S. banks to take note."
For more information on As You Sow's work on climate change, click here.
As You Sow is the nation's non-profit leader in shareholder advocacy. Founded in 1992, we harness shareholder power to create lasting change that benefits people, planet, and profit. Our mission is to promote environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies.
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About 4,000 Volkswagen workers in Tennessee are voting on whether to unionize with the United Auto Workers. Labor journalist @hamiltonnolan says it's the most important union vote in years and could be the "first domino" in a wider push to organize the auto industry in the South. pic.twitter.com/RWFnO5KznI
— Democracy Now! (@democracynow) April 17, 2024
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