11-30-2021 — On November 29th, First Republic Bank became the first large US bank to announce a commitment to ending all lending to fossil fuel companies, the only one of the US’ 25 largest banks to do so. This commitment marks a watershed moment for large banks’ climate action and establishes the important precedent that fossil fuels can and must be phased out of banks’ lending – and all – financing activities. BankFWD applauds this commitment as an essential step towards ending all financing (lending, investing and underwriting) for fossil fuel expansion and phasing out all existing fossil fuel financing

On November 29th, First Republic Bank became the first large US bank to announce a commitment to ending all lending to fossil fuel companies, the only one of the US’ 25 largest banks to do so. This commitment marks a watershed moment for large banks’ climate action and establishes the important precedent that fossil fuels can and must be phased out of banks’ lending – and all – financing activities.

Paul Polman, BankFWD partner and Rockefeller Foundation trustee, on the importance of corporations holding banks accountable for their unsustainable financing. Link to article

Link to Politico article

Link to article (paywalled)

Today marks the 5th anniversary of the signing of the Paris Accords, the first and only global agreement to establish a framework for immediate actions and long-term strategies to mitigate climate change. To achieve the goals of the Agreement requires an immediate end to fossil fuel expansion, and a rapid transition of the existing carbon-based economy towards energy, employment, and prosperity derived from sustainable resources. Banks must lead the way. Recent years have brought a growing recognition that the financial industry plays a determinant role in the global response to climate change, and many banks have made early steps toward

Descendants of Standard Oil founder John D. Rockefeller are calling on the major banks to put an end to fossil fuel financing. Growald, who is a grandson of former Chase Manhattan CEO David Rockefeller, noted that JPMorgan is the starting point since the bank is by far the largest fossil fuel lender. “There’s a very direct economic connection. If banks such as JPMorgan don’t change their practices, ultimately, it’s very poor business over the longer term,” he said Friday on CNBC’s “Squawk on the Street.” Link to article on CNBC Pippa Stevens @PIPPASTEVENS13

JPMorgan Chase’s recent climate pledge isn’t enough, say founders of BankFWD, which will urge the sector to phase out financing fossil fuels Read the article at MarketWatch

JPMorgan Chase and other big banks should use their lending power to force cuts in greenhouse gas emissions. Read the article at the NYTimes Oil fields in New Mexico.    Adriana Zehbrauskas for The New York Times

follow the link to Politico article By ZACK COLMAN. 10/02/2020 06:42 AM EDT