SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
For Immediate Release
January, 24 2023, 01:28pm EDT
Contact:
Malik Russell:,malik.russell@gmail.com
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
US Faces 'State of Emergency' for Civil Rights Under Trump: Urban League Report
"What we face today is a deliberate, coordinated effort to deny the future of a more just and inclusive America," said Marc Morial, the president of the National Urban League, in the latest report on the "State of Black America."
Jul 18, 2025
One of America's oldest civil rights organizations warned Thursday that the country is experiencing a "dangerous tilt toward authoritarianism."
In its annual report on "The State of Black America," the National Urban League said the country is in the midst of a "state of emergency" for racial equality under the second administration of U.S. President Donald Trump as it wages war on voting rights protections; guts Diversity, Equity, and Inclusion (DEI) programs; turns civil rights investigations into "tools of political retribution"; and embraces social media platforms that promote hate speech and false information.
"Almost daily, since January 20, 2025, the federal government, at the direction the White House, has set fire to policies and entire departments dedicated to protecting civil and human rights, providing access to an equal education, fair housing, safe and effective healthcare, and ensuring that our democratic process is adhered to across the nation," the report says.
It cites the White House's attacks on the Voting Rights Act of 1965. The Supreme Court, it says, dealt the "first seismic crack" to the law in 2013 with the Shelby County v. Holder decision, which got rid of the requirement that states with a history of race-based voter suppression clear new voting laws with the Department of Justice.
"Dozens of states have seized on this weakened federal oversight to pass restrictive voting laws—from voter ID requirements that disproportionately burden Black and Latino voters, to aggressive voter roll purges that remove eligible citizens from voter lists, to reduced polling hours and locations in communities of color," wrote Janai Nelson, the president of the NAACP's Legal Defense and Educational Fund, in one essay.
Since then, Nelson writes, "The Trump administration has launched a full-scale assault on what remains."
Nelson notes the president's "sweeping executive order requiring individuals to show documentary proof of citizenship in order to register to vote—and permitting only a narrow set of documents, such as a passport, that many Americans don't have easy access to."
She also notes that the administration "shifted the focus of the Department of Justice's Civil Rights Division away from protecting voting rights and toward investigating voter fraud, even though such fraud is exceedingly rare."
In another essay, Samantha Tweedy, the CEO of the Black Economic Alliance, described "an all-out assault on... Black liberty, livelihood, history, prosperity, economic power, and opportunity," being carried out "under the false premise and scapegoating of 'Diversity, Equity, and Inclusion.'"
The Trump administration has aggressively sought to purge DEI initiatives and affirmative action from all sectors of public life, banning them from use in the federal government and putting pressure on private corporations and universities to abandon them as well.
Fueling this, Tweedy says, is the "destructive lie" that "for Black people to succeed, others must lose out." The report goes on to cite statistics from the Federal Reserve Bank, Citi, and McKinsey showing that closing economic disparities increases economic prosperity for the entire country.
One of the engines propelling the Trump administration's attack on civil rights has been the DOJ's Civil Rights division itself, which the report says has been "hollowed out and repurposed" to go after universities that pursue DEI initiatives.
The report also singled out Harmeet Dhillon, who Trump tapped to lead the Civil Rights Division, for her past assertions that the 2020 election was stolen and her writings arguing against the John R. Lewis Voting Rights Act, which would have restored power to the original law.
The report also highlighted the recent surge of racist rhetoric on billionaire-owned social media platforms, which have abandoned many content moderation policies in recent years.
The report especially singled out the violent shift on Elon Musk's X, which saw a dramatic increase in hate speech against racial minorities and LGBTQ+ people after the billionaire bought the platform.
"We are witnessing something more than policy shifts," said the Urban League's president and CEO, Marc H. Morial, in the report's foreword. "We are watching an attempt to turn back the clock to an era when the full humanity of all Americans was not recognized—when the idea of true equality was treated as a threat to the social order."
"What we face today is a deliberate, coordinated effort to deny the future of a more just and inclusive America," Morial said. "And the architects of this effort have made their intentions plain: they would rather see our democracy crumble than cede power to a multiracial, equitable society."
Keep ReadingShow Less
Opponents Urge Lula to Veto Brazilian Lawmakers' 'Legislated Ecocide'
"Lula says Brazil will lead the environmental agenda by example," said one prominent Brazilian climate defender. "A veto, on the eve of COP30, is the perfect opportunity to make the discourse into practice."
Jul 18, 2025
Opponents including native and Afro-descendant communities and environment defenders are urging progressive Brazilian President Luiz Inácio Lula da Silva to veto legislation passed Thursday by the lower house of the National Congress that would dramatically weaken environmental protections and Indigenous peoples' control over their own lands.
Bill 2159/2021—commonly called the "Devastation Bill"—was approved by the Chamber of Deputies in a 267-116 vote in the dead of night following its passage by the Senate in May. The vote, which took place at approximately 3:40 am, was called by Chamber of Deputies President Hugo Motta of the right-wing Republicans party. Both houses of the National Congress have strong right-wing majorities; some members of Lula's leftist Workers' Party also voted for the bill.
If approved by Lula, the legislation would introduce an online self-declaration process for environmental licensing for many mining and agricultural projects that critics say will fuel deforestation and other destruction. The bill also speeds up the review process for development projects prioritized by the federal government and eliminates reviews for highway upgrades.
"As approved, the bill encourages deforestation and aggravates the climate crisis," Marcio Astrini, executive director of the Climate Observatory," said following the vote.
"Lula says Brazil will lead the environmental agenda by example. A veto, on the eve of COP30, is the perfect opportunity to make the discourse into practice," he continued, referring to this November's United Nations Climate Change Conference in Belém.
"We hope that he will meet his campaign commitments and reject this absurd text approved by the Brazilian Congress," Astrini added.
Lula has 15 days to either approve or veto the measure. However, the right-wing congressional majority could overturn a veto, prompting the Supreme Court to intervene.
Proponents argue the bill would simplify the regulatory process.
"Finally, we have improved legislation to unlock investments, streamline the system, and generate opportunities and income for the country," said Pedro Lupion, a deputy from the right-wing Progressistas party representing Paraná and president of the Parliamentary Agriculture Front.
However, Climate Observatory public policy coordinator Suely Araújo said that the proposal represents "the greatest setback to Brazil's environmental legislation" since licensing requirements were introduced in the 1980s.
Some critics of the bill pointed to Article 225 of the Brazilian Constitution, which states that "everyone has the right to an ecologically balanced environment, which is an asset of common use and essential to a healthy quality of life, and both the government and the community shall have the duty to defend and preserve it for present and future generations."
Brazilian Minister for Indigenous Peoples Sônia Guajajara, a member of the Socialism and Liberty Party (PSOL), said on the social media site X that Thursday's vote "should be forever remembered as the moment when the Chamber of Deputies attacked Brazilian environmental legislation and showed its lack of commitment to the future."
"In the year we will host the COP, our parliamentarians show what example not to set for the world," she added.
Célia Xakriabá, a PSOL deputy representing Minas Gerais, called the bill "legislative ecocide."
Quilombolas—residents of quilombos, Afro-Brazilian communities formed by self-liberated slaves or their descendants—and their advocates also sounded the alarm over the bill, pointing to existing efforts by extractive industries to kick them off their lands.
"The Devastation Bill threatens over 80% of quilombos and 32% of Indigenous lands in Brazil," progressive Rio de Janeiro consultant Lázaro Rosa noted on X. "Let's put strong pressure to ensure this abomination is not approved."
Erika Hilton, a PSOL federal deputy representing São Paulo, said that if the bill is approved by Lula, "mining companies will be able to renew their licenses automatically, without technical studies or prior analysis."
"This is a recipe for new tragedies like those in Brumadinho, Mariana, and Braskem in Maceió," she warned. "Other points of the bill include the end of environmental licensing for agriculture to deforest and the end of control over the use of our water resources... And the Devastation Bill will also destroy the control of pollutant emissions, putting at risk the very air we breathe."
Hilton continued: "Even so, the tendency is that, with the narrative that all our environmental legislation is bureaucracy that hinders development, the deputies will approve this horror. But what country develops with an environmental tragedy every other day? What country develops if children start being born without brains due to pollution, like in the '70s in Cubatão? What country develops if the people no longer have water to drink, air to breathe, and life to live?"
"These are the questions that the deputies are ignoring," she added.
Journalist Amanda Miranda denounced members of Congress who voted to authorize "the destruction of Brazil while its citizens sleep."
"Brazil will be handed over to the interests of businessmen who will help reelect each one of them," she added. "Every climate catastrophe is part of this reckoning too."Keep ReadingShow Less
'Terrible Development': Trump Admin Restricts State Efforts to Help Kids Stay on Medicaid
"The Trump administration will stop at nothing to rip coverage away from American families, even kids they claim they want to protect," said Sen. Ron Wyden.
Jul 18, 2025
The Trump administration on Thursday said it will restrict waivers that have allowed states to keep kids enrolled in Medicaid or the Children's Health Insurance Program beyond the 12-month period of continuous coverage required under federal law.
The Centers for Medicare and Medicaid Services (CMS), led by Mehmet Oz, announced the move on Thursday, saying that it has informed states of a "clear shift away from policies that extend beyond statutory limits," specifically restricting Section 1115 waivers that have been sought and approved in dozens of states across the U.S.
"CMS will allow currently approved initiatives to run out their course but does not anticipate extending them nor approving new waivers," the agency said in a statement, which came less than two weeks after President Donald Trump signed into law the largest Medicaid cuts in U.S. history.
Sen. Ron Wyden (D-Ore.), the top Democrat on the Senate Finance Committee, called the CMS announcement a "terrible development" and "yet one more awful example of the Trump administration's obsession with making it as hard as possible for Americans to access the healthcare they are eligible for."
In 2022, Oregon became the first state in the nation to receive federal approval to provide children with continuous Medicaid coverage from birth up to age 6 through a Section 1115 waiver. The policy was described as a "ground-breaking initiative" that would "help infants and young children get off to a healthy start in life without parents having to worry about renewing their Medicaid coverage annually," regardless of temporary changes to family income or other factors.
The CMS announcement points to the Oregon policy without explicitly naming the state. Oregon's federal waiver is set to expire in 2027.
Wyden said Thursday that "the Trump administration will stop at nothing to rip coverage away from American families, even kids they claim they want to protect."
Joan Alker, executive director of Georgetown University's Center for Children and Families, wrote that "in the name of 'protecting vulnerable Americans,' the Trump administration will rip away Medicaid coverage from babies and toddlers."
👀In the name of “protecting vulnerable Americans” the Trump Administration will rip away Medicaid coverage from babies and toddlers👀
CMS announces Medicaid demos that 8 states are implementing to cover babies and young children continuously w/o gaps will no longer be allowed pic.twitter.com/aXF0mKXL9S
— Joan Alker (@JoanAlker1) July 17, 2025
CMS insisted that the newly announced changes are aimed at protecting Medicaid's finances by ensuring that those who are no longer eligible for the program are removed.
But Amaya Diana, a policy analyst at the health research organization KFF, wrote Thursday that "not everyone who loses coverage at renewal is no longer eligible."
"During the unwinding of the [pandemic-era] Medicaid continuous enrollment provision, seven in 10 Medicaid enrollees who lost coverage were disenrolled for procedural reasons," Diana noted. "While some were no longer eligible, others lost coverage due to barriers such as communication issues."
Keep ReadingShow Less
Most Popular