New York pension seek stricter climate emissions rules from bank portfolios

 

Shareholder resolutions filed by New York City’s top pension officials have led major Wall Street banks, including JPMorgan Chase & Co. and Bank of America, to impose a tougher 2030 greenhouse on the companies they invest in. You will be able to set effective gas emission reduction targets.

When the recommendations are voted on at bank shareholder meetings this spring, investors’ climate commitments will be tested after a 2022 recession, with other climate activists advocating for fossil fuels. has received little support than calls for drastic cuts in its lending.

New York City Comptroller Brad Lander, who introduced a new resolution earlier this year, said he intends to take actions that are likely to win the support of the majority. Many investors “want the company’s net-zero commitment to become a reality,” Lander said in an interview.

New York City funds have been the most aggressive in keeping energy companies away from fossil fuels, but few other big investors are calling for exits from the sector amid rising energy prices.

Meanwhile, Republican officials in states such as Texas and Florida are seeking to ban certain financial firms from making deals over their treatment of fossil fuel producers. Requires banks, including Sachs Group and JP Morgan, to commit to reducing emissions through energy financing and underwriting. Lander said that by 2030, Citigroup outlined a plan to reduce emissions from its entire energy portfolio from 2020 to 2030, but this What climate activists say is not enough.

Representatives for JPMorgan, Bank of America and Goldman Sachs declined to comment on the resolution.

The Bank’s Role in Global Emissions Reduction Accelerates Decarbonization and Efforts of the Bank as a Member of the Net Zero Banking Alliance, a United Nations-backed Effort to Net Zero Emissions from Credit part of a discussion about Limit global temperature rise by 2050.

Originally published at https://businessdor.com on January 24, 2023.