What’s News, Breaking: Tuesday, January 24, 2023
PENSION FUNDS URGE BANKS TO SOLIDIFY EMISSIONS-REDUCTION TARGETS
CITYWIDE — Four banking institutions with a strong presence in New York are being urged to set and publish their interim science-based reduction targets for 2030, in shareholder proposals that City Comptroller Brad Lander and three of the New York City Retirement Systems (the New York City Employees’ Retirement System, Teachers’ Retirement System and Board of Education Retirement System announced on Tuesday, Jan. 24. The shareholder proposals, made at Bank of America, Goldman Sachs, JPMorgan Chase and Royal Bank of Canada, call for an absolute reduction target aligned with a science-based net zero emissions pathway — a widely-recognized standard for evaluating whether companies are genuinely on a path to meet net-zero commitments.
While some other major U.S. and foreign banks have set absolute emissions reduction targets, the proposal state these four banks have only set targets to reduce the intensity of their emissions. Intensity reduction targets do not capture whether the company’s total financed emissions have decreased in the real world.