September, 21 2020, 12:00am EDT
Morgan Stanley Commitments to Reach Net-Zero Financed Emissions by 2050
BERKELEY, CA
Morgan Stanley today announced a commitment to reach net-zero financed emissions by 2050. In its press statement, the company acknowledged its responsibility to take action to facilitate the transition to a low-carbon future, noting that it is developing the tools and methodologies needed to measure and manage its carbon-related activities. This new commitment builds off its announcement earlier this summer to measure and disclose its financed emissions through a global platform called the Partnership for Carbon Accounting Financials (PCAF).
As You Sow raised the critical issue of measuring, disclosing, and reducing financed emissions on behalf of investors in a shareholder resolution filed with Morgan Stanley and four other major banks last year. We were able to withdraw the proposal after reaching an agreement in which the company agreed to assess methodologies for measuring its financed emissions with the aim of pursuing portfolio alignment with the Paris Agreement. As You Sow reached similar agreements with Wells Fargo, Goldman Sachs, and Bank of America. Its 2020 shareholder resolution with JPMorgan Chase, asking the bank to measure, disclose, and reduce emissions aligned with Paris goals, received a near majority vote from investors. Thus far Bank of America and Citigroup have joined Morgan Stanley in committing to measure and disclose financed emissions through PCAF.
Danielle Fugere, president of As You Sow, made the following statement:
"Once again demonstrating its leadership, Morgan Stanley is the first major U.S. bank to commit to reduce its financed greenhouse gas emissions to net zero, a commitment critical to achieving the global goal. Morgan Stanley's announcement sends a signal across the economy that access to capital will increasingly be tied to a company's ability to reduce its emissions at the rate and scope necessary to align with the Paris goal of limiting warming to 1.5 degrees Celsius -- Morgan Stanley's announcement underscores the importance and feasibility of following disclosure commitments with concrete action. We hope to see JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup make similar announcements in the near future."
Lila Holzman, energy program manager of As You Sow, made the following statement:
"Morgan Stanley's actions show that committing to net zero is good business. While banks like JPMorgan have yet to commit to measuring and disclosing emissions through the increasingly accepted PCAF platform, Morgan Stanley is demonstrating that banks must both disclose and reduce their financed emissions."
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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