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    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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    Kentucky Treasurer Allison Ball

    Kentucky's GOP Treasurer Falsely Claims Big Banks Are Boycotting Fossil Fuels

    The Republican threatened to divest from financial institutions including JPMorgan Chase and Citigroup—widely accused of failing to meet even modest climate goals—under a state law banning "energy company boycotts."

    Brett Wilkins
    Jan 03, 2023

    Kentucky's Republican treasurer on Tuesday threatened to divest from 11 financial institutions—including major fossil fuel investors—that she falsely claimed were "engaged in energy company boycotts" in violation of commonwealth law.

    "When companies boycott fossil fuels, they intentionally choke off the lifeblood of capital to Kentucky's signature industries," Treasurer Allison Ball said in a statement. "Traditional energy sources fuel our Kentucky economy, provide much-needed jobs, and warm our homes. Kentucky must not allow our signature industries to be irreparably damaged based upon the ideological whims of a select few."

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    chase_bank_GettyImages

    Faith Leaders, Zombies, Moms and Kids Agree: It's Time for Wall Street to Stop Funding Fossil Fuels

    Activists are not slowing down: it's clear that Wall Street holds an outsized responsibility for the death, destruction, and chaos caused by the climate crisis.

    Arielle Swernoff
    Nov 18, 2022

    Over the past few months, activists around the country and the world have laid the blame for climate disasters at Wall Street's feet. In a wave of escalated actions under the name "Blame Wall Street," dozens of groups have called out the financial industry for their financing of fossil fuels and complicity in the climate crisis.

    Around the country, people took on elevated amounts of risk in order to increase pressure on the dirty banks, insurance companies, and asset managers financing the climate crisis.

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