'We need an all-hands-on-deck approach to rein in Wall Street's destructive and dangerous behavior. The Treasury must make clear that it expects financial institutions to immediately stop funding oil and gas expansion.' —PositiveMoneyUS' Akiksha Chatterji
"2030 targets should be based only on actual emissions reductions, and not rely on carbon removal or offsets."
for roughly a quarter of the $4.6 trillion in global fossil fuel financing since the 2015 adoption of the Paris agreement."The science is clear that in order to reach net-zero by 2050—and help steer the world away from climate disaster—banks must stop funding fossil fuel expansion," Adèle Shraiman of the Sierra Club's Fossil-Free Finance campaign said in a."But big U.S.
Measure and pursue"absolute emissions reductions" rather than"intensity-only emissions reductions," which are relative to total dollars financed or units of energy produced and therefore allow for an increase in fossil fuel financing; and According to the report, policies guiding the six banks' financing decisions in key sub-sectors, including coal, and high-risk geographies, such as the Arctic, fall"seriously short of what is needed to meet global climate goals."
Soon after the Sierra Club published its report detailing how"all six big U.S. banks are severe laggards when compared to the best practices set by some of their international counterparts," it joined more than 70 other advocacy organizations in sending aimploring Treasury officials to"clearly and publicly communicate that it expects financial firms to rapidly transition their business to support and advance a green economy.
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