April, 21 2022, 01:17pm EDT
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MEMO: As Shareholder Season Kicks Off, Big US Banks Face Growing Climate Pressure
Bank of America, Wells Fargo, and Citi first to face climate resolutions on Tuesday 4/26
WASHINGTON
As big banks are gearing up for their annual shareholder meetings, they are facing unprecedented pressure on climate change. 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.
In recent years, shareholder resolutions filed at the top US banks have called for firms to disclose the scale of their financed emissions and to set long-term climate targets. Banks have largely begun to take these preliminary steps - all the major US banks have committed to achieving net-zero financed emissions by 2050 - but still lack credible policies and plans to achieve those long-term targets. These first-of-their-kind resolutions, filed by the Sierra Club Foundation and other investor members of the Interfaith Center on Corporate Responsibility (ICCR), simply ask the banks to align their practices with their public commitments to climate action. There is a clear scientific consensus that in order to achieve net-zero by 2050 and avert the worst of the climate crisis, the expansion of new fossil fuel development must stop immediately. But although they claim their net-zero approaches are aligned with science-based frameworks and methodologies, these banks have continued to finance fossil fuel expansion to the tune of hundreds of billions of dollars in the years since the Paris Climate Agreement was signed.
Three of the big banks - Citi, JPMorgan Chase, and Morgan Stanley - filed appeals asking the US Securities and Exchange Commission to block the resolutions from being voted on, but each of those requests was denied.
WHAT TO WATCH:
The first test will come on Tuesday, April 26, as Bank of America, Citi, and Wells Fargo all hold their virtual shareholder meetings. Goldman Sachs will hold its meeting in person two days later. Results of the votes on the climate resolutions will be available immediately.
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 difficult for a company to ignore, even if it doesn't pass outright.
The New York State Common Retirement Fund, the third largest pension fund in the country, has already announced that it will be voting in support of the resolutions. Other state and city pension funds and treasurers may follow suit.
All eyes will be on the world's largest asset managers -- including BlackRock, Vanguard, State Street, and Fidelity -- which are by far the largest shareholders of the big banks, and are therefore uniquely positioned to make a huge impact on these important votes. These asset managers themselves have made net-zero commitments and have pledged to use their shareholder power to advance those goals.
"All the big banks have acknowledged their climate problems and made long-term commitments to address them, but so far none have actually changed their lending policies to be compatible with those commitments," said Adele Shraiman, campaign representative for the Sierra Club's Fossil-Free Finance campaign. "The science is clear that achieving net-zero emissions by 2050 and averting the worst impacts of the climate crisis means stopping the expansion of fossil fuels immediately. Banks must adjust their practices accordingly, and it's up to their shareholders--especially BlackRock, Vanguard, and State Street--to hold them accountable."
The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone's right to a healthy world.
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'Guilty of Genocide': Tlaib Protests Netanyahu's Speech to Congress
"I will never back down in speaking truth to power. The apartheid government of Israel is committing genocide against Palestinians."
Jul 24, 2024
Following her call for Israeli Prime Minister Benjamin Netanyahu's arrest during his visit to Washington, D.C., U.S. Rep. Rashida Tlaib protested the right-wing leader's Wednesday address before a joint meeting of Congress by holding up a sign reading "war criminal" and "guilty of genocide."
"They will not erase us. Palestinians exist and we deserve to live. Our presence today will be a reminder that we aren't going anywhere," Tlaib (D-Mich.) said on social media. "I will never back down in speaking truth to power. The apartheid government of Israel is committing genocide against Palestinians."
Tlaib—the only Palestinian American member of Congress—brought a guest: Hani Almadhoun, "who has lost over 150 members of his extended family in Netanyahu's genocide" in Gaza.
"After witnessing his sister forced to eat animal feed, he and his family were determined to start a soup kitchen to feed their starving neighbors," the congresswoman said. "The Israeli apartheid regime is using starvation as a weapon of war, a war crime."
More than 135 congressional Democrats, Rep. Thomas Massie (R-Ky.), and U.S. Sen. Bernie Sanders (I-Vt.) boycotted Netanyahu's speech.
"Netanyahu is not only a war criminal. He is a liar," Sanders said on social media. "All humanitarian organizations agree: Tens of thousands of children face starvation because his extremist government continues to block aid. Israelis want him out of office. So he came to Congress to campaign."
Rep. Alexandria Ocasio-Cortez (D-N.Y.) said, "Just so we're clear, Netanyahu has lost so many people that he is addressing just a fraction of Congress."
"When this happens, they fill the seats with nonmembers, like what they do at award ceremonies, in order to project the appearance of full attendance and support."
Rep. Sara Jacobs (D-Calif.) said on social media: "I won't attend Prime Minister Netanyahu's speech today. His military has reportedly killed over 39,000 Palestinians. He hasn't brought the hostages home. He hasn't made Israel any safer. We need tangible actions to end this war and all the suffering—not performative gestures."
"It's *because* of my Jewish upbringing and values that I cannot attend Prime Minister Netanyahu's address today," she explained.
Rep. Greg Casar (D-Texas) said in statement: "I am boycotting Netanyahu's address. Today, families of Israeli hostages called the prime minister's speech a 'PR stunt' intended to cover up his own failures."
"Not only has Netanyahu failed to safely return the hostages—he has killed, harmed, or displaced nearly every Palestinian in Gaza, has failed to keep Israelis safe, and is risking the United States' own security by trying to drag us into another endless war in the Middle East," he continued.
"The United States must end unconditional military aid to the Israeli government, and instead secure an immediate cease-fire, a return of the hostages, and long-term peace," Casar added.
Rep. Jamaal Bowman (D-N.Y.) wished Tlaib a happy birthday in a social media post saying, "To my sister Rashida: You were born for a time like this."
"The only Palestinan in Congress during a genocide of your people," he added. "Sitting through a speech of that war criminal as colleagues applaud. You stand strong. We love and honor you."
Stephen Miles, president of the peace group Win Without War, said in a statement that "we are grateful to the many, many members of Congress who chose to not attend Israeli Prime Minister Netanyahu's speech to Congress today."
"This was a political stunt dreamed up by a House speaker trying to score political points and embraced by the prime minister as a desperate ploy to try and blunt the massive global condemnation and domestic political opposition he faces," Miles added. "It's a speech that never should have happened."
Vice President Kamala Harris, who is also the Senate president, did not preside over Wednesday's meeting. Harris, the presumptive Democratic presidential nominee in the wake of President Joe Biden's withdrawal from the race earlier this week, is scheduled to meet privately with Netanyahu on Thursday.
Netanyahu's speech—which was met with frequent uproarious applause from lawmakers and other attendees—took aim not only at Hamas "monsters," but also against "Iran's axis of terror," which he said "confronts America, Israel, and our Arab friends."
"This is not a clash of civilizations, it's a clash between barbarism and civilization, between those who glorify death and those who sanctify life," said the leader of a nation whose armed forces have killed or wounded more than 130,000 Palestinians in Gaza.
Netanyahu condemned what he called the "slanders that paint Israel as racist and genocidal" that are "meant to demonize the Jewish state and demonize Jews everywhere."
Taking aim at pro-Palestinian protests across the United States— many of them Jewish-led—Netanyahu lamented that "many anti-Israel protesters choose to stand with evil. They stand with Hamas. They stand with rapists and murderers."
"For all we know, Iran is funding the protests that are taking place outside right now," Netanyahu said, citing unsubstantiated Biden administration claims. "When the tyrants of Tehran, who hang gays from cranes and murder women for not covering their hair, are praising, promoting, and funding you, you have officially become Iran's useful idiots."
"Some of these protesters hold up signs proclaiming, 'Gays for Gaza,'" he mocked. "They might as well hold up signs that say, 'Chickens for KFC!'"
"These protesters chant, 'From the river to the sea,' but many don't have a clue what river and what sea they're talking about," the prime minister added.
Hundreds of Jewish-led demonstrators were
arrested inside a congressional building on Tuesday while protesting the U.S. government's continued support for Israel's assault on Gaza and Netanyahu's then-forthcoming address. Thousands more protesters took to the streets of Washington, D.C. on Wednesday, where peace groups planned to surround the Capitol.
"There is a war criminal in town," Council on American Islamic Relations national executive director Nihad Awad said in a speech to protesters. "This war criminal Netanyahu has a long history of crimes against humanity."
During his speech, Netanyahu also thanked Biden "for his heartfelt support for Israel after the savage attack on October 7," which the prime minister said was "like 20 9/11s in one day."
Biden has expressed his "unwavering" support for the key Middle Eastern ally and has approved billions of dollars in new military aid and more than 100 arms sales to the country since October. The Biden administration has also vetoed several United Nations Security Council resolutions calling for a cease-fire in Gaza.
Netanyahu implored the U.S. to give even more, saying, "Give us the tools faster, and we will finish the job faster."
"The war in Gaza could end tomorrow if Hamas surrenders, disarms, and returns all the hostages," added the prime minister, who for years facilitated massive financial support for the militant resistance group—whose political arm rules Gaza—in order to weaken the Palestinian National Authority.
On Monday, Tlaib
said that Netanyahu should be arrested while in the United States.
"Netanyahu is a war criminal committing genocide against the Palestinian people," she argued. "It is utterly disgraceful that leaders from both parties have invited him to address Congress. He should be arrested and sent to the International Criminal Court."
ICC Prosecutor Karim Khan has applied for arrest warrants for Netanyahu, Israeli Defense Minister Yoav Gallant, and three Hamas leaders for alleged war crimes and crimes against humanity including extermination committed on and after October 7.
During his speech, Netanyahu accused the ICC of "blood libels" against Israel, saying the tribunal "shamefully accused Israel of deliberately starving the people of Gaza"—allegations echoed by the South Africa-led genocide case before the International Court of Justice (ICJ), United Nations experts, and human rights groups.
U.N. World Food Program Executive Director Cindy McCain
said in May that there is "full-blown famine" in Gaza, where dozens of Palestinians—mostly children—have died due to malnutrition, dehydration, and lack of medical care, and hundreds of thousands of others are on the brink of starvation.
Netanyahu also accused the ICC of lying about Israeli forces "deliberately targeting civilians," over 39,000 of whom including 16,000 children have been killed since October.
The prime minister claimed that Israel "has implemented more precautions to prevent civilian harm than any military in history, and beyond what international law requires."
"The ICC is trying to shackle Israel's hands and prevent Israel from defending itself," Netanyahu said. "And if Israel's hands are tied, America's are next."
"The hands of the Jewish state will never be shackled," he added. "Israel will always defend itself."
Netanyahu further claimed that civilian casualties during Israel's recent Rafah offensive were "practically none," ignoring hundreds of Palestinians including many women and children who died in Israeli attacks on the city and its environs, including multiple massacres of refugees in tent encampments.
Israeli forces "should not be condemned for how they're conducting the war in Gaza, they should be commended for it," Netanyahu asserted.
Israel Defense Forces troops have been accused of torturing, raping, and summarily executing Palestinian civilians, including children. U.N. Secretary-General António Guterres last month added Israel to his so-called "List of Shame" of countries that kill and injure children during wars and other armed conflicts.
In addition to its ICC woes and the ICJ genocide case, the latter tribunal ruled last week in a separate case that the 57-year Israeli occupation of Palestine is an illegal form of apartheid that must end "as rapidly as possible."
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AFT Signs On to UAW's Push for 2028 General Strike
United Auto Workers president Shawn Fain applauded the teachers union for helping to push for a "mass movement" for workers' rights.
Jul 24, 2024
At the American Federation of Teachers' annual convention in Houston on Wednesday, the AFT's 1.8 million members got a round of applause from one of the country's top union leaders—United Auto Workers president Shawn Fain, who has called on the U.S. labor movement to join a nationwide strike in 2028.
"We want to create a mass movement—a general strike if we have to—to win our fair share not just for workers here but for... working-class people all over this globe," said Fain. "You guys passed a resolution to push unions to do just that... And that's how we do this. When we fight and when we win, people want to be a part of that, they want to join the movement."
Fain's comments came a day after the AFT passed a resolution to support May 1, 2028 as the expiration of all contracts for local unions—the same date chosen by the UAW when Fain led negotiations with the Big Three automakers after the union's historic "stand-up strike" late last year.
The strategic date would ensure union contacts end on May Day, 2028—the holiday marking the struggles and successes of the international labor movement—setting the stage for a nationwide work stoppage across the U.S., where, as the AFT said in its resolution, "big business and their political allies have waged a war on workers."
"We want to create a mass movement—a general strike if we have to—to win our fair share not just for workers here but for... working-class people all over this globe... You guys passed a resolution to push unions to do just that."
Fain said earlier this year that the nation's workers "should have stood up and walked the hell out" in 1980 when then-President Ronald Reagan fired air traffic controllers who went on strike.
"We missed the opportunity then, but we're not going to miss it in 2028. That's the plan. We want a general strike. We want everybody walking out just like they do in other countries," said Fain in January.
In the AFT's resolution passed on Tuesday, the teachers union noted that "union workers are fighting back, in order to secure fair contracts for themselves and for their communities," and called on labor organizations to "find creative ways to maximize our economic power and fight against corporate greed."
The Chicago Teachers Union (CTU), part of the AFT, had already proposed a May 1, 2028 expiration date for its next contract in negotiations with Chicago Public Schools.
The AFT said in its resolution that it would encourage all of its locals "to consider this common expiration as a useful tactic in the fight to advance racial, economic, and social justice."
The adoption of the resolution, said CTU vice president Jackson Potter, is s step toward winning "more for working people in bargaining, at the statehouse, and all the way up to the White House."
The pro-labor media organization More Perfect Union added that the AFT's move "adds significant power" to Fain's call for a general strike.
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Kamala Harris Wins March for Our Lives' First-Ever Endorsement
"Kamala Harris has proven herself to be a thoughtful and forceful leader on gun violence, who has time and again listened to young people and fought for our lives."
Jul 24, 2024
March for Our Lives, which was launched six years ago after yet another U.S. mass shooting, announced its first-ever political endorsement on Wednesday, backing Democratic Vice President Kamala Harris' bid for the White House.
"The stakes couldn't be higher," said the group, which was founded in the wake of the February 2018 massacre at Marjory Stoneman Douglas High School in Parkland, Florida. "As one of the largest youth-led movements in the nation, we are clear-eyed about the challenge ahead and we believe that Kamala Harris is uniquely suited to meet this moment."
Warning of the threat posed by Republican former President Donald Trump—who just survived an assassination attempt—and his running mate, U.S. Sen. JD Vance (R-Ohio), March for Our Lives said that "the country that young people will soon inherit stands at the precipice—on one side, authoritarianism that threatens our fundamental rights, including our right to live freely without fear of gun violence; on the other, a world where we can keep fighting to build the future that young people know we deserve."
"We need an ardent defender of democracy, a gun violence prevention champion, and a leader who will listen to young people, give us a seat at the table, and fight for our future. We believe that Kamala Harris is that candidate, and the right person to stand up for us and fight for the country we deserve," the organization continued, detailing how she has been "a forceful champion for gun safety and for young people" as vice president and a U.S. senator representing California.
"Young people are inheriting an increasingly precarious world," the group added, highlighting youth deaths from gun violence, Israel's war on the Gaza Strip, the escalating climate emergency, and far-right politicians pushing extremist policies. "We have been struggling to feel excited about voting in this election, and are increasingly pessimistic that change is possible. But we know that another Trump presidency is simply not an option that young people can afford—our lives are literally at stake."
Harris began seeking the Democratic nomination for November after President Joe Biden dropped out and endorsed her on Sunday. March for Our Lives said that "we call on her to run a campaign that fights for the policy solutions that young people want, like an assault weapons ban, action on climate change, a vigorous defense of abortion, court reform, and an immediate and lasting cease-fire in Gaza. Young people are savvy voters, who will see through empty promises and cynical horsetrading. We believe that Kamala will step above that and fight for a bold, progressive future—and we will hold her accountable for that."
Since Sunday, Parkland shooting survivor and March for Our Lives co-founder David Hogg has been fiercely supporting Harris, posting on his social media frequent updates about her historic fundraising successes over the past few days.
"Kamala Harris has proven herself to be a thoughtful and forceful leader on gun violence, who has time and again listened to young people and fought for our lives," Hogg said in a statement Wednesday. "Given her strong record on gun safety and prioritizing youth voices during her time in office, I'm proud that Kamala Harris will receive March for Our Lives' first-ever endorsement, and I'm so excited for our work to mobilize young people for her campaign."
Natalie Fall, the group's executive director, toldABC News—which first reported on the endorsement—that "we see a lot of energy around Vice President Harris in this election; there's no denying that. I think everybody's seeing it right now."
"I just think young people in particular didn't really see themselves represented or reflected in the Biden ticket in the way that they wanted. It's not to say that President Biden hasn't had great accomplishments," she explained. "But I think we need someone who can meet this moment and who is up to the challenge of taking Donald Trump to task and really defeating his effort to erode all of our institutions and our democracy."
March for Our Lives members plan to participate in this year's election through creative campaigns, door-knocking, and phone banks, Fall said. In a statement, she added that the group aims to elect not only Harris but also candidates "up and down the ballot" who support its priorities.
"March for Our Lives will work to mobilize young people across the country to support Vice President Harris and other down-ballot candidates, with a particular focus on the states and races where we can make up the margin of victory—in Arizona, New York, Michigan, and Florida," she pledged. "We are ready to double down on this commitment and elect the first woman, first Black woman, and the first person of South Asian descent to become our next president."
The gun violence prevention group's endorsement adds to Harris' mounting pile. Throughout the week, she has also received support from many Democratic governors and members of Congress as well as climate, labor, and reproductive rights groups.
As young people rally behind Harris, she is also seeing support from advocates for older Americans. Nancy Altman, president of Social Security Works, wrote in a Wednesday opinion piece for Common Dreams that "Joe Biden has been the best president for seniors in over half a century. Kamala Harris will be even better."
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