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    fossil fuel financing

    fossil fuel finance

    Shareholder Resolutions Push Big Banks to Phase Out Fossil Fuel Financing

    "Any climate commitment from a bank that is still financing fossil fuel expansion is greenwashing, pure and simple," said a Stop the Money Pipeline campaigner.

    Brett Wilkins
    Jan 24, 2023

    Taking aim at Wall Street banks financing the oil, gas, and coal extraction fueling the climate crisis, a coalition of institutional investors on Tuesday announced the filing of climate-related shareholder resolutions in an effort to force "more climate-friendly policies that better align with" the firms' public commitments to combating the planetary emergency.

    In the resolutions, members of the Interfaith Center on Corporate Responsibility (ICCR) and Harrington Investments asked six banks—Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup, and Wells Fargo—to enact policies phasing out fossil fuel finance, disclose plans for aligning their financing with their stated near-term emissions reduction goals, and to set absolute end-of-decade emissions reduction targets for their energy sector financing.

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