In a notable move for the 2024 proxy season, New York City Comptroller
As of now, there is little comparable information on banks' green energy financing. The Clean Energy Supply Finance Ratio shareholder resolutions filed by NYCERS call on each bank to regularly disclose a figure comparing their financing of clean energy to their financing of fossil fuels. To align with the goals of the Paris Agreement, banks must significantly scale up financing for the transition, targeting a crucial 4:1 ratio of financing to renewables over fossil fuels by 2030 (i.e., for every
The NYCERS resolution was withdrawn for commitment at three banks -
"If more institutions adopt, disclose, and improve their clean energy finance ratios, they can help reduce risks to themselves and the entire financial system while increasing financing for the business opportunities in the transition to a clean economy," said
Other noteworthy proxy season results centered around corporate lobbying disclosure, particularly those seeking greater disclosure in the financial services sector. Votes at Truist (41%), BNY Melon (39%),
Berridge added, "The high votes for lobbying disclosure are also a significant signal that investors want banks to address the reputational risks of participation in trade associations whose positions contradict the banks' public position. We hope these efforts will help catalyze enhanced transparency and ambition in the banking sector."
About Ceres
Ceres is a nonprofit advocacy organization working to accelerate the transition to a cleaner, more just, and sustainable world. United under a shared vision, our powerful networks of investors and companies are proving sustainability is the bottom line-changing markets and sectors from the inside out. For more information, visit ceres.org.
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