United States : Trump Administration Allows Big Banks to Avoid Responsibility for Climate Risk

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United States : Trump Administration Allows Big Banks to Avoid Responsibility for Climate Risk

Mar 20, 2019 (Euclid Infotech Ltd via COMTEX) —

The U.S. Securities and Exchange Commission (SEC) has granted requests from Wells Fargo and Goldman Sachs to refuse to allow votes on shareholder resolutions seeking to hold the banking giants accountable for their contributions to climate change.

The resolutions asked the banks to align their loans and investments with the goals of the Paris Climate Agreement, and to issue annual reports describing targets, plans, and progress under such a policy.

The Trump administrations SEC took similar action last spring when it allowed an oil company to preemptively kill a resolution calling on the company to set a target to reduce its greenhouse gas emissions.

In response, Sierra Club Campaign Representative Ben Cushing released the following statement:

Its unacceptable that the Trump administration is joining forces with corporate polluters and the banks that fund them to silence private investors demanding climate action. Its becoming clearer by the day that dirty fuels are a bad investment and that the tide has turned against companies who refuse to accept that fact. Trump cant silence the growing international movement calling for divestment from dirty fossil fuel companies and the financial institutions that are still propping them up.

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