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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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    Stop the Money Pipeline

    Activists Call Fed Pilot Program to Assess Banks' Climate Risk a 'Welcome First Step'

    "To truly safeguard financial stability," said one campaigner, "the Fed must further introduce policies that reflect the high risk of fossil fuel investments."

    Brett Wilkins
    Sep 29, 2022

    Members of the Stop the Money Pipeline coalition on Thursday welcomed a U.S. Federal Reserve pilot program to study banks' exposure to climate risks while warning that more robust action from the Fed and the nation's banking system is needed to rein in Wall Street's fossil fuel funding.

    "Big banks still pour billions into fossil fuels, ignoring the serious risks posed by climate change and threatening the savings of everyday Americans in the process."

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    Stop the Money Pipeline

    Activists Call Fed Pilot Program to Assess Banks' Climate Risk a 'Welcome First Step'

    "To truly safeguard financial stability," said one campaigner, "the Fed must further introduce policies that reflect the high risk of fossil fuel investments."

    Brett Wilkins
    Sep 29, 2022

    Members of the Stop the Money Pipeline coalition on Thursday welcomed a U.S. Federal Reserve pilot program to study banks' exposure to climate risks while warning that more robust action from the Fed and the nation's banking system is needed to rein in Wall Street's fossil fuel funding.

    "Big banks still pour billions into fossil fuels, ignoring the serious risks posed by climate change and threatening the savings of everyday Americans in the process."

    Keep Reading Show Less
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