January, 24 2023, 01:28pm EDT
Stop the Money Pipeline coalition members respond to investors filing climate shareholder resolutions at major US and Canadian banks
Resolutions call for top banks and insurance companies to make significant progress on their climate commitments; will require support from major asset managers and other investors
Today, several institutional investors — including the New York City Comptroller, As You Sow (AYS), Sierra Club Foundation (SCF), Trillium Asset Management, and Harrington Investments — announced the filing of climate-related shareholder resolutions at major fossil fuel financing banks in the US and Canada, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley.
· Reuters coverage of NYC resolutions
· Bloomberg coverage of SCF & AYS resolutions
The resolutions call on the banks to:
· Adopt policies to
phase out financing of new fossil fuel exploration and development (filed by Sierra Club Foundation, Trillium Asset Management, and Harrington Investments at JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley);
· Disclose robust transition plans on how the banks intend to align financing activities with their near-term emissions reduction targets (filed by As You Sow at JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley);
· Set 2030 absolute emissions reduction targets for energy sector financing (filed by the New York City Comptroller at JPMorgan
Chase, Bank of America (co-filed with the New York State Comptroller), Goldman Sachs, and the Royal Bank of Canada).
A slate of resolutions calling for policies to phase out financing for fossil fuel expansion was filed by the same investors at US banks in 2022. They received between 9 and 13% support, which was a significant milestone for these first-of-their-kind proposals. This year's fossil fuel financing proposals have been updated to encourage banks to finance clients' low-carbon transition so long as those plans are credible and verified. The previous resolutions were supported by many major institutional investors, including the New York State and New York City Common Retirement Funds.
New in 2023 are the resolutions on absolute emissions reductions targets for energy sector financing filed by the New York City and New York State Comptrollers, and the resolutions calling for disclosure of climate transition plans filed by As You Sow. The day before the resolutions were filed, Denmark's largest bank, Danske, announced a phase out of corporate financing for companies engaged in new coal, oil and gas development.
Royal Bank of Canada and the six US banks have committed to align their financing with the goals of the Paris Agreement and to achieve net-zero emissions by 2050. However, scientific consensus shows that fossil fuel expansion is incompatible with keeping global warming below 1.5C, and the big US banks continue to provide billions of dollars every year for new fossil fuel development — a fact underscored by a new report released just last week.
In response to the news, coalition members with the Stop the Money Pipeline issue the following statements:
Arielle Swernoff, US Banks Campaign Manager with Stop the Money Pipeline, said, "Any climate commitment from a bank that is still financing fossil fuel expansion is greenwashing, pure and simple. By supporting these resolutions, shareholders can hold banks accountable to their own climate commitments, effectively manage risk, and protect people and the planet."
Michael Esealuka, Louisiana organizer with Healthy Gulf, said: "The Gulf South is ground zero for environmental racism and climate chaos. Every year we face worsening hurricanes, freezes and floods. Big banks are directly fueling this crisis by financing a massive expansion of petrochemical plants and gas exports in our communities. Bank CEOs like Brian Moynihan, David Solomon and Jamie Dimon made climate commitments — that should mean something. Instead they profit off climate chaos as the Gulf South is made into a sacrifice zone for fossil fuels."
Jeffrey Jacoby, Deputy Director of Texas Campaign for the Environment, said: "Shareholders at big banks need to know that continuing to fund the fossil fuel projects that drive climate change also means perpetuating environmental racism in the Gulf South – the very same communities who've experienced devastating impacts from climate disasters again and again."
Adele Shraiman, Campaign Representative with the Sierra Club's Fossil-Free Finance campaign, said: "Major US banks have fallen behind their global peers by setting weak emissions reduction targets and continuing to pour billions of dollars into fossil fuel expansion every year. Investors are uniquely positioned to push these big banks to stop stalling and finally take meaningful steps to address the climate crisis. We look forward to rallying support behind the investors that are leading the way on these shareholder resolutions to ensure the biggest banks are aligning their practices with their commitment to the goals of the Paris Agreement."
Richard Brooks, Stand.earth Climate Finance Program Director, said: "This action from the New York City Comptroller is exactly the kind of climate leadership institutional investors around the world must take. Banks' lending and underwriting practices must align with science and justice. It's time to cut greenwashed net-zero rhetoric once and for all."
Ruth Breech, Senior Campaigner for Climate and Energy with Rainforest Action Network, said: "Our data shows that US banks like Chase, Citi, BofA and Wells Fargo fuel climate disasters and are the biggest funders of the fossil fuel industry. They try to dismiss this truth through greenwashing, lack of transparency, and moving the goalposts on progress. These resolutions allow shareholders to make sound long-term decisions on their investments. Fossil fuel companies like Exxon, who have misled the public for decades, can no longer be allowed to get rich at our expense—as they export the losses of climate chaos onto the rest of us. Globally we are moving towards a sustainable energy future. Shareholders can lead the way."
Moira Birss, Climate Finance Director with Amazon Watch, said: "The Amazon rainforest—an ecosystem essential to global climate stability—is on the brink of collapse, and yet big banks like Citi, BoA, and JPMorgan continue pouring money into the companies destroying the forest to extract more fossil fuels. This financing not only destroys forests, the climate, and Indigenous livelihoods, but also the credibility of these banks' climate commitments, and it's well past time shareholders hold them to account."
Mary Cerulli, Executive Director of Climate Finance Action, said: The largest banks have all made significant long-term climate commitments. However, they continue to fund fossil fuel companies through bonds and loans locking in new infrastructure projects for decades. These shareholder resolutions will require banks to disclose their transition plans, set specific emission targets, and ensure they hit their long-term net zero goals to mitigate the systemic risk of climate change.
Resolutions at insurance companies
Shareholders have also filed climate resolutions at Chubb, Travelers, The Hartford, and Berkshire Hathaway – four majors in the U.S. insurance sector, another financial pillar of the fossil fuel industry.
Green Century Funds filed resolutions with Chubb, The Hartford, and Travelers, calling on the companies to phase out underwriting of new fossil fuel projects. As You Sow filed resolutions at Chubb, Travelers, and Berkshire Hathaway requesting a report on how each company will measure, disclose, and reduce insured emissions (i.e., emissions from their clients).
Elana Sulakshana, Senior Campaigner with Rainforest Action Network, said, "Shareholders are concerned about the material risks that climate change poses to the insurance industry, as well as the risks posed by insurers' unchecked support for new oil and gas projects. Some Republican state officials are attempting to turn financial institutions' responsible efforts to mitigate risk into a culture war, but investors know that climate risk cannot be ignored, especially within the insurance sector. In the midst of mounting losses from Hurricane Ian and other climate disasters, Green Century Funds is sending a clear message to Chubb, The Hartford, and Travelers: phase out support for fossil fuel expansion and underwrite a clean energy future."
Organizations are gearing up to support the climate resolutions at both banks and insurance companies this spring. Last year, members of the Stop the Money Pipeline coalition mobilized tens of thousands of everyday people to push major investors, such as state pension funds, BlackRock and Vanguard, to support climate action across corporate America. They are promising to double their efforts this year.
BACKGROUND
Comptroller Brad Lander manages the five New York City pension funds, which are valued at approximately $242 billion, making it the fourth largest public pension fund in the US. Comptroller Tom DiNapoli manages the New York State pension fund, which is valued at approximately $272 billion, making it the third largest public pension fund in the US. New York State led the resolution filing at Bank of America.
The resolutions follow a series of recent reports underscoring the scale of bank financing for fossil fuel expansion, and the lack of credible targets and plans to align with the banks' climate commitments:
· A Stand.earth report revealed RBC's surging fossil finance surpassed CAD $9.2 billion within one year of joining GFANZ, despite its public commitments to reach net-zero financed emissions. Since the 2016 Paris Climate Agreement was signed, RBC has pumped more than USD $201 billion (CAD $262 billion) into fossil fuel companies, making it the fifth worst fossil fuel financier in the world, and #1 in Canada.
· A Rainforest Action Network report showed that the big six US banks provided about $445 billion in financing for the top 100 companies expanding fossil fuels between 2016-2021, which accounted for one-third of the financing from the world's 60 largest banks to those top expanders.
· A Sierra Club report analyzing the net-zero pledges of US banks revealed that their commitments and actions fall far short of what's needed to meet global climate goals. The report outlines why it is essential for banks to set absolute emissions reduction targets instead of intensity-only targets, especially in high-polluting sectors. At present, Citi and Wells Fargo are the only major US banks to have set absolute emissions reduction targets for their financing of the oil and gas sector.
· The 2022 Banking on Climate Chaos report, to be updated this coming March, revealed in the six years following the Paris Agreement (2016-2021), the five largest bankers of fossil fuels in the world were:
· JPMorgan Chase: USD $382 billion;
· Citigroup: USD $285 billion;
· Wells Fargo: USD $272 billion;
· Bank of America: USD $232 billion;
· RBC: USD $201 billion;
· Two others – Morgan Stanley (USD $137 billion) and Goldman Sachs (USD $119 billion) – were in the top 15 globally.
· Citigroup: USD $285 billion;
· Wells Fargo: USD $272 billion;
· Bank of America: USD $232 billion;
· RBC: USD $201 billion;
· Two others – Morgan Stanley (USD $137 billion) and Goldman Sachs (USD $119 billion) – were in the top 15 globally.
The Stop the Money Pipeline coalition is over 160 organizations strong holding the financial backers of climate chaos accountable.
LATEST NEWS
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"The last thing working Americans need right now is another war," said the Senate's top Democrat.
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The US Senate on Tuesday defeated a Democrat-led bid to stop President Donald Trump from following through on his threat to wage war on Cuba, whose long-suffering people are reeling from the American administration's tightened economic stranglehold.
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Republican Sens. Susan Collins of Maine and Rand Paul of Kentucky voted to advance the resolution, while John Fetterman of Pennsylvania joined his GOP colleagues in voting to sink the measure.
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“The American people are not asking for another war," Sen. Ruben Gallego (D-Ariz.)—one of SJ Res. 124's dozen co-sponsors—said following Tuesday's vote. "They want us focused on building housing in Arizona, not bombing housing in Havana. They want us to lower the cost of healthcare not condemn a generation of veterans to a lifetime of hospital visits. They want us to make their lives more affordable, not spend their tax dollars on unnecessary wars."
Kaine called the GOP move "purely a regime change effort."
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Senate Minority Leader Chuck Schumer (D-NY), who also co-sponsored the resolution, said, "The last thing working Americans need right now is another war—let alone one that’s 90 miles south of the US."
Resolution co-sponsor Sen. Angela Alsobrooks (D-Md.) said on Bluesky after the vote, "A conflict with Cuba would cost hardworking Americans billions of dollars, deepen the humanitarian crisis in Cuba, and put American service members in harm’s way."
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Trump has attacked seven countries since returning to office and 10 since the start of his first term—more than any other president.
The situation in Cuba is dire, as a result of both the 65-year US economic chokehold on the island and mismanaged central planning by its socialist rulers.
Trump has been ramping up military threats and economic pressure on Cuba, whose people were already suffering from generations of US sanctions. His administration's tightened embargo has severely restricted fuel imports, worsening an energy emergency in which blackouts have become the norm, threatening the lives of vulnerable Cubans—especially sick people and children.
The US president said that “we may stop by Cuba after we’re finished" with the illegal US-Israeli war of choice on Iran that’s killed thousands of people, including hundreds of children. Trump has also said that he believes he’ll “be having the honor of taking Cuba."
The United States already took Cuba once, during an 1898 war waged against Spain under highly dubious pretenses that ended with the US also acquiring Puerto Rico, the Philippines, and Guam—with Hawaii also annexed that year under the guise of security.
American presidents have been trying to force out Cuba's socialist government since shortly after the revolution that overthrew a US-backed dictatorship in 1959. US efforts have included carrying out or backing an armed invasion, terrorist attacks, assassination attempts, and other acts of aggression.
Cuba commits no such acts against the United States or anyone else, yet Trump added the country to the US State Sponsors of Terrorism list.
Following Tuesday's vote, Sen. Ed Markey (D-Mass.) said that "Trump should learn the law of holes: If you find yourself in one, stop digging."
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The United Nations General Assembly has overwhelmingly condemned the blockade 33 times since 1992.
“With its catastrophic Iran war of choice, the Trump administration has lost all credibility on issues of war and peace," Markey asserted. "The American people do not want yet another endless war that will only costs more lives and more taxpayer dollars, and undermine US security.”
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On Tuesday, Semafor reported the FCC's plans to challenge the ABC licenses, which weren't slated for review until at least 2028. Other outlets began confirming the reporting, citing unnamed sources, and the agency ultimately issued the anticipated order—which says that "the FCC has been investigating Disney's ABC stations for possible violations of the Communications Act of 1934 and the FCC’s rules, including the agency's prohibition on unlawful discrimination."
The order, signed by David J. Brown, chief of the Video Division, directs ABC to "file license renewals for all of their licensed TV stations within 30 days—in other words, by May 28, 2026." Those stations are WABC-TV (New York), KABC-TV (Los Angeles), WLS-TV (Chicago), WPVI-TV (Philadelphia), KTRK-TV (Houston), KGO-TV (San Francisco), WTVD-TV (Raleigh-Durham), and KFSN-TV (Fresno).
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"The FCC had not filed an early-renewal order in decades, according to a source familiar with the matter, until Monday, when the agency took action against a small station license holder called Bridge News," Stelter noted. "Both Bridge and Disney will now go through a lengthy hearing process, giving the stations multiple chances to respond."
Disney said in a statement that "we have received the Federal Communications Commission's order initiating an accelerated review of the licenses held by ABC's owned television stations. ABC and its stations have a long record of operating in full compliance with FCC rules and serving their local communities with trusted news, emergency information, and public‑interest programming."
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Physicians for Human Rights Israel on Tuesday blasted the Beersheba District Court for extending the detention of Abu Safiya, who has been held in prison since December 27, 2024, without being charged with any criminal offenses.
The court justified keeping Abu Saifya detained under Israel's Unlawful Combatants Law, which allows for the detention of Palestinians for long periods without trial.
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