Investors at top US banks refuse to back climate proposals

Investors refused to back resolutions demanding stricter fossil fuel financing policies at three major US banks.

Proposals filed at Wells Fargo, Bank of America and Citi called on the banks to align their fossil fuel financing policies with achieving net zero emissions by 2050, and to ensure financing did not contribute to “new fossil fuel supplies”. But the resolutions were backed by only about 11% of shareholders at Wells Fargo and Bank of America, and fewer than 13% at Citi.

Similar proposals have been filed at other US banks including Goldman Sachs and JPMorgan Chase.

All six of the lenders have signed up to the Net-Zero Banking Alliance, which commits them to decarbonising their portfolios by the middle of the century.