Climate love

Sarah Chabane

17 w

Brad Lander

Climate love

New York City pension fund shareholders are demanding more climate commitment from banks

New York City's top pension official, Comptroller Brad Lander and City Pension Funds have filed shareholder resolutions to major Wall Street banks like JPMorgan Chase and Bank of America as well as Canadian banks, calling on them to set stricter 2030 greenhouse gas emissions reduction targets for portfolio companies.
The move aims to hold these banks accountable for their role in cutting global emissions, and test investors' climate commitments, as calls for more drastic cuts in fossil fuel financing, have faced setbacks in recent years.
New York City Comptroller Brad Lander, who filed the new resolutions this year, said he aims to put up measures that have a strong chance of winning majority support. Many investors "want to see companies' net-zero commitments be made real," Lander said in an interview.
However, Lander's proposals may face resistance from big asset managers, who are currently under political pressure for their support of climate action.

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NYC Comptroller Lander and City Pension Funds Call on Major U.S. and Canadian Banks to Set Absolute GHG Emissions Targets for High Emitting Sectors

New York, NY – Today, New York City Comptroller Brad Lander and three of the New York City Retirement Systems (the New York City Employees' Retirement System, Teachers' Retirement System, and Board of Education Retirement System) announced shareholder proposals at Bank of America, Goldman Sachs, JPMorgan Chase, and Royal Bank of Canada calling for the banks to...

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  • Tabitha Kimani

    17 w

    Banks should be seriously committed to fighting climate change.

    • George Kariuki

      17 w

      Great to see that this move aims to hold these banks accountable for their role in cutting global emissions and test investors' climate commitments.

      • Peter Kamau

        17 w

        Brilliant call. As they set net zero targets, they should also refrain subsidizing fossil fuel business.

        • Patrick Kiash

          17 w

          @peter_kamau I agree

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