“What we have found with these banks is they are reducing their own carbon footprints, but are ignoring the impact of their investments in fossil fuels,” Fugere explained.
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The Securities and Exchange Commission recently allowed two large banks to block a shareholder proposal addressing the climate impact of the banks’ investment portfolios.
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Headed by the World Bank and the European Bank for Reconstruction and Development, commercial banks including ING, HSBC and Royal Bank of Scotland, along with investors such as BMO Global Asset Management, have announced their intention to phase out or stop investing in coal power generation.
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