Bank AGMs shocked by fossil fuel financing

Bank of America, Goldman Sachs and Morgan Stanley are the subject of unprecedented shareholder resolutions in the United States questioning them over their financing of energy producers. The high scores show that shareholders and NGOs are putting particularly heavy pressure on the banks during this year’s general meetings.

The general meeting season promises to be hectic for the banks. NGOs and responsible investors have decided to focus their funding on the fossil fuel industry, sometimes in original ways. “The 60 largest global banks have financed the fossil fuel industry to the tune of $5.5 trillion between 2016 and 2022,” said Kelly Shields, campaign director of British NGO ShareAction, but investors and the public are also urging banks to decarbonize, expand their portfolios and scale up green financing.”

In the United States, the New York City-based Church of England-backed pension fund has filed a resolution with JP Morgan Chase, Morgan Stanley, Bank of America, CitiGroup, Goldman Sachs and Royal Bank of Canada with a new demand. “This is the first time we have seen the topic of bank financing for renewable energy appear,” explains Agathe Masson, engagement campaign manager at Reclaim Finance. We support this initiative that calls for the publication of a relationship between fossil fuels and energy financing. durable.”
High voting scores for an unprecedented ratio
Three of these resolutions were withdrawn before the Annual General Meeting, with JP Morgan, CitiGroup and Royal Bank of Canada committing to publish this ratio. ‘We regret this withdrawal because it is important to follow what it says