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Banks Told by Investors to Phase Out New Fossil-Fuel Projects

Jan. 24, 2023, 3:00 PM

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 ...