fossil-free-finance

New Report: US banks and investors responsible for roughly the emissions of Russia

New report finds that if US financial institutions were a country, they would be the fifth worst carbon emitter in the world, or just below Russia, in annual net emissions of CO₂;

Despite Rhetoric, Massive New Fossil Fuel Expansion Project Reveals BlackRock is Still a Climate Villain

Despite CEO Larry Fink’s supposed commitment to climate leadership, BlackRock is leading a group of investors in a $15.5 billion deal with Saudi Aramco to support the fossil fuel giant’s massive planned expansion of gas pipelines.

Powell Renominated for Federal Reserve Chair, Brainard for Vice Chair

Today, President Biden renominated Jerome Powell to continue in his current role as Chair of the Federal Reserve. He also nominated Lael Brainard, who currently serves on the Federal Reserve Board of Governors, as Vice Chair.

Sierra Club Statement on Saule Omarova Hearing for Comptroller of the Currency

This morning, Dr. Saule Omarova will face the Senate Banking Committee for a hearing on her nomination to be Comptroller of the Currency.

Morgan Stanley Sets 2030 Emissions Targets, But Fails to Rule Out Financing for Fossil Fuel Expansion

Today, Morgan Stanley announced new 2030 targets to reach its commitment to net-zero financed emissions by 2050. Last year, Morgan Stanley became the first major US bank to make a net-zero by 2050 commitment and it is one of the first major US banks, following JPMorgan Chase, to set interim 2030 targets.

Ending Fossil Fuel Finance is Key Test for GFANZ Net-Zero Commitments

Last night, the Glasgow Financial Alliance for Net Zero (GFANZ) announced that more than 450 financial firms with $130 trillion in assets have committed to net zero targets over the next three decades.

Goldman Sachs Joins Peers in Net-Zero Banking Alliance, But Has No Plan for Phasing Out Fossil Fuel Finance

Goldman Sachs announced yesterday that it has joined the Net-Zero Banking Alliance (NZBA), making it the last of the six major U.S. banks to join.

Sierra Club Statement: Treasury Report Takes First Step Toward Necessary Action on Climate Financial Risk

Today, the Financial Stability Oversight Council (FSOC), led by Treasury Secretary Janet Yellen, released a highly anticipated report laying out recommendations for mitigating climate risks to the economy, as directed by President Biden’s May Executive Order.

Wells Fargo Joins Net-Zero Banking Alliance With No Plan for Phasing Out Fossil Fuel Finance

San Francisco, CA -- Wells Fargo announced today that it has joined the Net-Zero Banking Alliance (NZBA), following its commitment in March to reach net-zero emissions by 2050.

40,000 Petitioners Urge Secretary Yellen to Lead Strong Climate Action Plan in Upcoming Report

WASHINGTON, D.C. -- Public Citizen, Sierra Club, 350.org, Americans for Financial Reform, Evergreen Action, and Action Center on Race and the Economy today delivered more than 40,000 petition signatures to U.S. Treasury Secretary Janet Yellen demanding that an upcoming report highlight the gravity of climate threats to our financial system and identify concrete steps that financial regulators should take to address them.

Sierra Club Statement: White House Strategy Sets the Stage for Bold Action to Mitigate Climate Risk

Washington, DC -- Today, the White House—under the leadership of National Economic Council Director Brian Deese and National Climate Advisor Gina McCarthy—released a roadmap for a government-wide effort to identify and mitigate climate-related financial risk, as directed by President Biden’s May

JPMorgan Chase, World’s Biggest Funder of Fossil Fuels, Announces Net-Zero Emissions Pledge

Today, JPMorgan Chase announced a pledge to reach net-zero emissions from its lending and investment portfolios by 2050, and that it will join the Net Zero Banking Alliance (NZBA).