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Big Banks Told to Phase Out Financing of New Fossil-Fuel Projects

  • JPMorgan, Goldman, Citi among firms targeted by climate group
  • Bank of America, Wells Fargo and Morgan Stanley also contacted
SK Corporation Oil Refinery In South Korea
Photographer: Chung Sung-Jun/Getty Images AsiaPac

Six Wall Street banks are being pressed by a group of shareholders to move faster on reducing their financing of fossil fuels to meet global climate goals.

The investors are asking the lenders, including JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp., to phase out their funding of oil and gas exploration and development, according to a statement from Interfaith Center on Corporate Responsibility, whose members filed the shareholder proposals. They also want the banks to show how they plan to align their lending and underwriting services for other industries to ensure they meet goals to cut greenhouse gas emissions by 2030.