'By supporting these resolutions, shareholders can hold banks accountable to their own climate commitments, effectively manage risk, and protect people and the planet,' says stopmoneypipe's ArielleSchw as shareholder activists target Wall Street banks.
A slate of resolutions calling for policies to phase out financing for fossil fuel expansion was filed by the same investors at U.S. 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.
"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." "These shareholder resolutions simply ask banks to align their promises with their actions and to adopt policies to phase out the financing of new fossil fuel development," Chu added.from the International Energy Agency, Kate Monahan of Trillium Asset Management—which spearheaded the Bank of America filing—said that
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