Citi and Bank of America announce they will join the Partnership for Carbon Accounting Financials, a global framework for financial institutions to measure and disclose the emissions from their lending and investment portfolios. Last week, Morgan Stanley became the first global U.S. bank to commit to this initiative.
Danielle Fugere, president of As You Sow, made the following statement:
“Citi and Bank of America’s decision to join Morgan Stanley in committing to disclose emissions represents great progress. This chain of announcements demonstrates the mainstreaming of the financial sector’s need to take responsibility for its massive carbon footprint. These announcements represent a clear signal that carbon-heavy investments have no future.”
Lila Holzman, energy program manager of As You Sow, made the following statement:
“We are pleased to finally see this movement within the financial sector. Investors have increasingly asked banks to address their significant contribution to climate change — measuring and disclosing emissions is a critical first step. We look forward to seeing the banks follow through on this commitment and recognize this as the precursor for setting targets to reduce portfolio emissions in alignment with the Paris Climate Agreement.”
For more information on As You Sow’s work on climate change, click here.