May, 19 2023, 09:41am EDT
![Sierra Club](https://assets.rbl.ms/32012669/origin.jpg)
For Immediate Release
Contact:
Ginny Cleaveland, Deputy Press Secretary, Fossil-Free Finance, Sierra Club, ginny.cleaveland@sierraclub.org
Morgan Stanley shareholders vote on fossil fuel financing proposal at annual meeting
NEW YORK
US bank Morgan Stanley held its annual general meeting today, where shareholders voted on an investor proposal from the Sierra Club Foundation asking the bank to adopt a time-bound phase out of financing new fossil fuel exploration and development (4.8% support). Morgan Stanley is one of the 6 biggest banks in the US and one of the biggest fossil fuel financiers in the world, including the top global financier of LNG since 2016, according to the annual Banking on Climate Chaos report.
- See results from similar shareholder proposals at the annual meetings of Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and JPMorgan Chase.
A similar proposal on financing fossil fuel expansion was filed last year at Morgan Stanley and received 8.3% support. Several amendments were made to the fossil fuel financing proposals filed this year at Morgan Stanley and other banks, including asking the banks to adopt a policy to phase out financing for projects and companies engaging in new fossil fuel exploration and development, activities which are incompatible with limiting global warming to 1.5°C, and encouraging the banks to provide financing for energy sector clients to credibly transition to cleaner technologies, which could safeguard against greenwashing and accelerate the clean energy transition.
In response to the news, Jessye Waxman, Senior Campaign Representative for the Sierra Club’s Fossil-Free Finance campaign, issued the following statement:
“Morgan Stanley’s annual meeting marks the end of a disappointing season for investor accountability on Wall Street’s climate promises. Big US banks are some of the largest global providers of the capital that is critical for fossil fuel expansion. While investors did lend more support this year to resolutions calling for disclosure of climate transition plans, it is alarming that more investors did not support provisions calling for stronger action on climate risk mitigation practices. The fact that major investors are not demonstrating greater concern for reducing systematic climate risks points to a failure of fiduciary responsibility and a setback for action to address the growing climate crisis.”
BACKGROUND
According to the annual Banking on Climate Chaos report, Morgan Stanley is the top global financier of LNG, providing $10.4 billion since the Paris Agreement in 2016 and providing $1.8 billion in 2022 alone. Its top clients include Venture Global, the company behind the proposed Plaquemines LNG export facility in Louisiana, which would be one of the largest fracked gas export terminals in the US. A June 2022 report by the Sierra Club analyzes the facility’s potential impact on the environment, climate, and nearby communities.
All of the climate-related resolutions introduced this year at big US banks were publicly supported in advance by several large institutional investors, including Britain’s biggest asset manager Legal & General Investment Management, as well as the New York City and New York State Comptrollers, the Vermont State Treasurer, the Seattle City Employees Retirement System, Vancity Investment Management, and more. The vote total at Morgan Stanley suggests that major asset managers BlackRock, Vanguard, and State Street — three of the largest shareholders of the big banks with outsized impact on the voting results — failed to support the proposal.
Climate advocacy groups and responsible investors have been increasingly disappointed with global investors — including major asset managers like BlackRock, Vanguard, and State Street — for their weakened support of climate-related shareholder proposals. The Sierra Club has specifically critiqued BlackRock for its “abdication of leadership” and Vanguard for withdrawing from the Net Zero Asset Managers (NZAM) initiative.
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.
(415) 977-5500LATEST NEWS
Billionaire Megadonor Draws Backlash for Urging Kamala Harris to Fire Lina Khan
"He's pushing her to go soft on corporate power, which is certainly not where voters are."
Jul 25, 2024
A billionaire megadonor's call for Vice President Kamala Harris to fire Federal Trade Commission Chair Lina Khan if the presumptive Democratic nominee wins in November drew swift backlash from progressives on Thursday, with Sen. Bernie Sanders citing the demand as yet another example of "why we have to overturn Citizens United and end big money in politics."
Reid Hoffman, the billionaire founder of LinkedIn and a major Democratic benefactor, told CNN that he believes Khan is "waging war on American business" and expressed hope that a President Harris would replace the FTC chair, who has used her position to aggressively fight corporate concentration that harms consumers and small businesses.
Watch Hoffman's interview:
Billionaire LinkedIn founder Reid Hoffman gave $7 million to the Harris campaign.
Then he went on TV demanding she fire FTC Chair Lina Khan, who leads the Biden admin in suing companies like Amazon, stopping megamergers, and protecting workers.
Harris must reject his demand. pic.twitter.com/gcw8bMA9us
— More Perfect Union (@MorePerfectUS) July 25, 2024
Faiz Shakir, an adviser to Sanders (I-Vt.) and founder of the progressive media outlet More Perfect Union, accused Hoffman of "purposefully trying to fracture and divide the Kamala Harris coalition that's needed to win."
"He's pushing her to go soft on corporate power, which is certainly not where voters are," Shakir wrote on social media. "But it is where the billionaire class is."
Nidhi Hegde of the American Economic Liberties Project added that Hoffman "clearly does not understand how Khan's work has been pro-worker and pro-business."
"The Biden-Harris record on competition speaks for itself," Hegde wrote. "Also, that's real arrogant to go on national TV and just tell a presidential nominee what to do. That's not how democracy works."
Hoffman had already given more than $8.6 million to organizations supporting President Joe Biden before he dropped out of the race over the weekend and endorsed Harris, who has swiftly taken over the campaign apparatus and consolidated support among Democratic lawmakers and donors as she prepares for a matchup against Republican nominee Donald Trump.
Trump is also backed by tech billionaires, including the richest man in the world.
Hoffman told CNN that he intends to continue injecting money into the presidential race in support of Harris, who is reportedly planning a "Silicon Valley fundraising swing" with the LinkedIn founder.
According toThe Information, Hoffman convinced Netflix co-founder Reed Hastings to donate $7 million to a super PAC supporting Harris. CNBCreported Wednesday that efforts by Hoffman and other Silicon Valley moguls "are on track to raise over $100 million from major tech industry donors."
Progressives have raised concern about Harris' ties to and views about Big Tech. As The Financial Timesnoted Wednesday: "Harris has not yet articulated her antitrust policy. But in 2010, when Big Tech was not facing as fierce a pushback from Washington and the public over its alleged market abuses, she said: 'We cannot be short-sighted... we have to allow these [tech] businesses to develop and grow because that's where the models will be created."
Citing an unnamed "donor who has spoken privately" with Harris, The New York Timesreported Wednesday that the vice president has "expressed skepticism of Ms. Khan's expansive view of antitrust powers."
Harris counts among her advisers attorney Karen Dunn, who helped defend Google earlier this year against an antitrust lawsuit brought by the U.S. Justice Department and a number of states—including Harris' home state of California.
Keep ReadingShow Less
Gaza Newborn Saved From Womb of Mother Killed in Israeli Airstrike
Malek Yassin was born into the hell that is Gaza during the 293 days of relentless Israeli bombings and blockade that have claimed the lives of more than 16,000 Palestinian children.
Jul 25, 2024
The recent rescue of a newborn from the womb of his mother after she was killed by an Israeli airstrike on a Gaza refugee camp has renewed focus on the horrors endured by Palestinian children and their families during Israel's nine-and-a-half-month onslaught.
Ola Al-Kurd was nine months pregnant and "wanted to hold her child and fill our home with his presence," Adnan Al-Kurd, the slain woman's father, toldReuters.
But last Friday, an Israeli strike on their family home in the Al-Nuseirat refugee camp in central Gaza killed the woman and several of her relatives. Surgeons at Al-Awda Hospital were able to safely deliver her baby, Malek Yassin, who was transferred to Al-Aqsa Hospital in Deir al-Balah and placed in an incubator.
"This baby's life was saved and he is now alive and well," said Al-Aqsa physician Dr. Khalil Al-Dakran. However, the infant's survival is far from guaranteed.
"We are in fact facing very great difficulties in the nursery department," Al-Dakran explained, pointing to an acute lack of medication, fuel to run generators, and other critical supplies.
"What is the fault of this child to start his life under difficult and very bad circumstances, deprived of the most basic necessities of life?" he asked.
Earlier this year, another Gaza newborn rescued from her slain mother's womb at just 30 weeks' gestation died days later at Emirati Maternity Hospital in Rafah.
Israel's 293-day siege, bombardment, and invasion of Gaza—which has killed, wounded, or left missing at least 140,000 Palestinians—has been hell on children and their mothers. The embattled enclave's healthcare infrastructure has been largely obliterated, forcing many mothers to give birth in precarious places, including in tents, streets, and even public bathrooms.
Basic survival items like diapers and formula have also been in extremely short supply in Gaza, which the United Nations Children's Fund has called "the world's most dangerous place to be a child."
As The British Medical Journalreported earlier this year, mothers in Gaza are "burying their newborns every day" as they have nothing to feed them due to what United Nations experts, human rights groups, and parties to the South Africa-led genocide case against Israel at the International Court of Justice (ICJ) have called Israel's use of starvation as a weapon of war.
Oxfam said early in the war that children in Gaza were dying from preventable causes including diarrhea, hypothermia, dehydration, and infections.
In January, the ICJ ordered Israel to prevent genocidal acts including blocking food and other aid from entering Gaza. Human rights groups accused Israel of ignoring the order.
The World Court then issued a new order in March, reiterating its directive to prevent genocide, citing "worsening conditions" in Gaza, including "the spread of famine and starvation."
Dozens of Palestinians—almost all of them children—have died from malnutrition, dehydration, and lack of access to healthcare in Gaza over recent months.
Of the more than 39,000 Gazans who have been killed by Israel's bombs, bullets, and blockade, at least 16,000 are children, according to Palestinian and international agencies.
Israeli forces have allegedly deliberately targeted and executed children and their mothers. Israeli Air Force warplanes are dropping shrapnel-packed fragmentation bombs that doctors say are eviscerating children's bodies and causing a "constant flow of amputations."
The humanitarian group Save the Children said late last month that nearly 21,000 Palestinian children are missing in Gaza, with 17,000 orphaned and around 4,000 others believed to be dead and buried beneath the rubble of hundreds of thousands of bombed buildings. An unknown number of children are also believed to be buried in mass graves.
Israeli bombardments have wiped out entire Palestinian families.
Israel's onslaught is also causing what one Gaza mother called the "complete psychological destruction" of child survivors.
Last month, U.N. Secretary-General António Guterres added Israel to the so-called "List of Shame" of countries and groups that kill and injure children.
On Wednesday, U.S. Sen. Peter Welch (D-Vt.) and 13 Democratic colleagues sent a letter to the Israeli and Egyptian ambassadors to the United States urging them to expedite the evacuation of critically ill and injured Palestinian children from Gaza.
"While people disagree about the war in Gaza, everyone should agree that no government should prevent injured children access to potentially lifesaving medical care," the senators wrote. "Rather, governments should be doing everything possible to assist in this situation."
"We must all treat the welfare of children in Gaza as an urgent humanitarian priority and work together to prevent further suffering," the lawmakers added.
Keep ReadingShow Less
House Dem Launches Push to Overturn Supreme Court Immunity Ruling
"It is incumbent upon Congress to fix this problem, and with his proposed constitutional amendment, Rep. Joseph Morelle is taking the first step," said the head of one group backing the effort.
Jul 25, 2024
The top Democrat of the Committee on House Administration on Wednesday proposed an amendment to the U.S. Constitution that would reverse the Supreme Court's recent decision to grant presidents "absolute immunity" from criminal prosecution for "official acts."
Led by Chief Justice John Roberts, the court's right-wing members ruled in favor of former President Donald Trump, the GOP nominee for the November election, triggering a wave of warnings, including from liberal Justice Sonia Sotomayor, who wrote in her early July dissent that "the president is now a king above the law."
Congressman Joe Morelle (D-N.Y.) is leading the fight for an amendment to reverse that ruling. He said in a statement that the high court "undermined not just the foundation of our constitutional government, but the foundation of our democracy."
"At its core, our nation relies on the principle that no American stands above another in the eyes of the law," he continued. "I introduced this constitutional amendment to correct a grave error of this Supreme Court and protect our democracy by ensuring no president is ever above the law. The American people expect their leaders to be held to the same standards we hold for any member of our community. Presidents are not monarchy, they are not tyrants, and shall not be immune."
Morelle proposed an amendment that would make clear "there is no immunity from criminal prosecution for an act on the grounds that such act was within the constitutional authority or official duties of an individual," and presidents may not pardon themselves.
"The Roberts Court, in a fit of neomonarchical enthusiasm for Donald Trump, has tried to lay out the red carpet for a lawless autocratic president."
The effort is backed by over 40 other House Democrats, including Rep. Jamie Raskin of Maryland, a constitutional law scholar.
"We must do everything in our power to reverse the Supreme Court's outrageous betrayal of more than two centuries of constitutional law in America," said Raskin. "Nothing has been more sacred to American constitutional jurisprudence than the idea that no one is above the law, but the Roberts Court, in a fit of neomonarchical enthusiasm for Donald Trump, has tried to lay out the red carpet for a lawless autocratic president."
"We should do everything we can in a statutory way to repair the damage," he argued, "but ultimately, this will require some kind of constitutional amendment to block a fundamental change in American constitutional and political culture."
Advocacy groups are also supporting Morelle's proposal and highlighting what the recent ruling could mean for the future.
"The Supreme Court's decision in Trump v. United States has imposed serious obstacles to holding Trump accountable for his role in the violence on January 6 and the attempt to stop the peaceful transfer of power," said Public Citizen co-president Lisa Gilbert. "As Justice Sotomayor wrote in her dissent, under the holding of Trump v. United States, a president could order the assassination of a rival, take a bribe for pardons, or order a military coup and—in each case—be immune from criminal liability."
"It is incumbent upon Congress to fix this problem, and with his proposed constitutional amendment, Rep. Joseph Morelle is taking the first step to right an obvious constitutional wrong," she continued. "By design, it's not easy to pass a constitutional amendment. But it can be done—and in this case, it must be done. Public Citizen strongly supports this amendment, and along with our allies in the Not Above the Law coalition are committed to ensuring its passage, to restore presidential accountability and basic democratic norms."
People for the American Way president and CEO Svante Myrick stressed that "big problems need big solutions, and the Supreme Court's ruling granting presidents unprecedented immunity is a big problem. Not just now, in the specific case involving Donald Trump, but in countless foreseeable and unforeseeable ways in the future."
"Our democracy is built on the principle that nobody is above the law," he added. "People For the American Way is proud to support this proposed amendment to strengthen and shore up that principle at this critical moment in our history."
Common Cause has also endorsed the effort. Virginia Kase Solomón, the group's president and CEO, called the court's decision "dangerous" and a departure from "what the framers intended."
"We thank Congressman Morelle for his leadership to uphold the rule of law and ensure accountability for all Americans, and we urge Congress to quickly pass this constitutional amendment," she said.
In the United States, constitutional amendments may be proposed either by Congress with two-thirds majority support in both chambers or by a constitutional convention called for by two-thirds of the state legislatures.
Although Morelle's proposal lacks the support it would need to get through Congress, it sends a clear signal to voters going into the November election, when control of both chambers is up for grabs and the American people will likely get to choose between Trump and Vice President Kamala Harris, the presumptive Democratic nominee.
Keep ReadingShow Less
Most Popular