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NYC, JP Morgan, Others Reach Agreement On Climate Finance Disclosure

By Faridat Salifu

New York City Comptroller, Brad Lander, says the government has reached agreements with three major North American banks, including JPMorgan Chase, Citi, and RBC, to publicly disclose a new climate reporting metric detailing their ratios of clean energy to fossil fuel finance.

The agreements were a result of shareholder resolutions filed in January by three of New York City’s pension funds viz; NYCERS, TRS, and BERS.

The agreement, according to reports target several major banks to provide transparency on their financing activities vis-a-vis their net zero commitments.

Already, JP Morgan, Citi, and RBC have committed to aligning their financing activities with net zero by 2050, along with setting specific goals for sustainable finance.

However, concerns were raised by the Comptroller’s office regarding the banks’ significant level of fossil fuel financing despite these commitments.

In response, the banks have agreed to regularly disclose their clean energy to fossil fuel financing ratio and methodologies as part of the new agreements.

JP Morgan’s Chase commented on the agreement, emphasizing the importance of developing a clear and useful approach to disclosing clean energy financing ratio.

The remaining shareholder resolutions are still pending with Bank of America, Goldman Sachs, and Morgan Stanley, with ongoing engagements planned with these banks to enhance transparency and accountability.

Comptroller Lander, has also highlighted the significance of these new transparency measures, calling for a new standard in the banking sector and urging other major banks to follow suit.

This initiative aims to provide long-term investors with the necessary tools to assess how effectively banks are meeting their environmental commitments in a time of increasing climate risks.

 

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