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Banks Face Growing Pressure to Phase Out Fossil-Fuel Lending

April 18, 2021, 11:01 PM

Investors managing $11 trillion have called on the world’s biggest banks to phase out financing of fossil-fuel companies and throw their weight behind the goals of the Paris climate agreement.

Asset managers, including Federated Hermes Inc.’s EOS division and Pacific Investment Management Co., have asked 27 banks to commit to eliminating emissions across their operations by 2050, including those generated from lending, trading and underwriting, and set interim reduction targets. The group of 35 investors, which was convened by the Institutional Investors Group on Climate Change, also said the banks should expand their green finance activities and withdraw...

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