After taking baby steps in 2020, by early 2021 all six of the banks we engage had committed to align their financing activities with the goals of the Paris Climate Agreement. Commitments include setting net-zero-by-2050 targets and publicly disclosing progress along the way – a critical part of accountability and ultimate success. JPMorgan Chase, Morgan Stanley, Citibank, Bank of America, Wells Fargo, and Goldman Sachs have all accepted responsibility for the emissions created by the projects their loans finance, and for aligning with the Paris Climate Agreement’s 1.5°C goal.

These actions are a clear signal to companies in every sector, including oil & gas, that they must set and meet credible net-zero transition targets or find access to capital increasingly expensive and restricted. No longer is business-as-usual an acceptable standard.

Your support created this impact — thank you.