'Big banks have a responsibility to address their massive contribution to the climate crisis and protect their shareholders from climate risk,' says SierraClub's ajshraiman.
While shareholders have previously compelled companies to disclose the emissions impact of their operations and investments and set long-term climate targets, this is the first time they have called on banks to implement plans to achieve those objectives, according to Sierra Club.
However, the vote totals suggest that major asset managers like BlackRock, Vanguard, State Street, and Fidelity—which are by far the largest shareholders of the big banks, and are therefore uniquely positioned to make a huge impact on important votes—failed to support them, despite their own net-zero commitment and pledges to use their shareholder power to advance climate action.
Paul Rissman, a Sierra Club board member and former executive vice president of an asset management firm, noted that all the largest U.S. banks have pledged to achieve net-zero financed emissions by 2050."Despite their commitments," he,"all of these banks have continued to fund the top 20 companies that are responsible for most fossil fuel development—to the tune of more than $445 billion combined in the six years since the Paris agreement was signed.
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