As we look to 2022, we know that banks are working on new climate plans. Every major US bank has now signed up to the Net Zero Banking Alliance ― and one of the criteira that banks had to agree to when joining was that they’ll release 2030 climate targets.
So far only two Wall Street banks ― JPMorgan Chase and Morgan Stanley ― have released their 2030 climate plans. Yet they failed to do the simplest of things: stop funding fossil fuel expansion. It’s imperative that other US banks do better.
Earlier this year, the International Energy Agency released a major report which concluded that “there is no need for investment in new fossil fuel supply” if the world is to avert catastrophic global warming. So far, Wall Street has completely ignored this fact, even as they have publicly pledged to align their business models with the Paris Agreement.
As we move towards the end of the year, Stop the Money Pipeline is moving into a period of reflection and planning for the year ahead. But there is one thing we know for sure that we’ll be doing in 2022: pushing financial institutions to stop supporting the expansion of the fossil fuel industry.
Funding new fossil fuel projects locks in climate pollution for decades to come; it’s absolutely essential that major banks stop supporting the build out of new climate-destorying oil pipelines and coal mines. Help us make sure that Wall Street gets this message loud and clear.
In solidarity
~ the Stop the Money Pipeline team
Sent via ActionNetwork.org. To update your email address, change your name or address, or to stop receiving emails from Stop The Money Pipeline, please click here.
This website uses cookies to provide and improve its services. By continuing to use this website, you consent to our use of cookies. If you do not consent, please view our Cookie Policy for more information.Dismiss