Banks - Finally Step Up — in a big way

Banks continue to finance oil & gas companies and projects, locking in fossil fuel use for decades. When we first starting talking about “financed emissions,” banks outright denied responsibility. This year alone, thanks to you,

• JPMorgan Chase, the world’s largest fossil fuel lender, and Goldman Sachs announced they would stop funding Arctic oil & gas projects and increase restrictions on coal funding

• Wells Fargo, Goldman Sachs, Bank of America, and Morgan Stanley committed to figure out how to measure their full carbon footprint, including from their loan portfolios

• Then, Bank of America, Citibank, and Morgan Stanley agreed to actually measure and disclose their financed emissions — and then,

• Morgan Stanley and JPMorgan Chase announced they will align their financed emissions with the Paris Agreement: net-zero by 2050. JPMorgan made the announcement after an astounding 49.6% of shareholders supported our resolution.

It’s impossible to overstate the importance of these actions. It sets a strong bar for other banks. It puts business on notice that access to capital is going to depend on climate change action. It’s the beginning of the end for fossil fuel access to unlimited capital.

You are changing the world of climate finance. Thank you.