Tell the world's largest investors: Stop big banks from funding climate chaos!

Big U.S. banks are fueling the climate crisis, but their shareholders can vote right now on resolutions demanding that the banks meet their own climate commitments and stop financing fossil fuel expansion. The world's largest investors, like Vanguard and BlackRock, have billions invested in top U.S. banks. As top shareholders, they can push big banks like Chase and Bank of America to stop bankrolling fossil fuel expansion.

A landmark report last year from the world's top energy experts concluded that in order to limit global warming to 1.5°C, we must immediately stop the expansion of new fossil fuel production. And we know that exceeding 1.5°C of warming will have devastating impacts on communities, ecosystems, and our global economy.

Despite this, banks have continued to fund fossil fuel expansion, pouring billions of dollars into facilitating new projects and ignoring the risks that this poses to communities, investors, and to the entire economy. This spring, investors who own stock in U.S. banking giants will have the chance to vote on proposals calling for banks to adopt policies that align with the long-term climate commitments they've already made. Major asset managers like BlackRock and Vanguard are the largest shareholders of the big banks, and therefore are uniquely positioned to make a huge impact on these important votes.

Last month, major asset managers like BlackRock, Vanguard, and State Street let us down by blocking proposals at major U.S. banks that would require them to phase out financing for fossil fuel expansion. These investors claim to be climate leaders, but they've repeatedly stood in the way of real climate action. But they still have time to do the right thing- and use their shareholder power to hold big banks accountable at the next round of meetings.

Send a message to the big banks' largest shareholders: Tell them to stop banks from financing reckless new fossil fuel expansion.

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Vote YES on the shareholder resolutions to make major U.S. banks' financing consistent with the IEA Net-Zero 1.5° Scenario.

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Last year, the International Energy Agency made clear that in order to limit warming to 1.5 degrees C by 2050, "there is no need for investment in new fossil fuel supply" effective immediately. Despite clear warnings, banks have continued to pour billions of dollars into new fossil fuel exploration and development. The destructive impacts of fossil fuels stretch far beyond damage to ecosystems and communities. Exceeding the global warming limit of 1.5 degrees C will also have devastating impacts on the global economy and the financial system. Experts predict that under current emission trajectories, we stand to lose ten percent of total global economic value by 2050. Conversely, achieving the climate goals of the Paris Agreement could save $20 trillion globally by the end of the century. So far, banks have failed to adequately manage key investor risks from new fossil fuel development. This is disproportionately a U.S. problem: in the years since the Paris Agreement, the four largest American banks have been the largest funders of fossil fuels in the world by a wide margin. By continuing to pour money into fossil expansion, banks are increasing the amount of potential stranded assets on their balance sheets, and exposing customers and investors to massive regulatory and litigation risks which could lose billions and even destabilize the entire financial system. All six of the top U.S. banks -- JPMorgan Chase, Citigroup, Wells Fargo, Bank of America, Morgan Stanley, and Goldman Sachs -- have committed to achieve net-zero financed emissions by 2050 and joined the Net Zero Banking Alliance. However, none of these banks have disclosed plans to actually achieve these commitments, and not one has adopted a policy to stop financing for new fossil fuel expansion, which undermines their stated climate goals. Climate-conscious investors have filed resolutions at all six major U.S. banks requesting that each bank adopt a policy by the end of 2022 committing to proactive measures to ensure that the company's lending and underwriting do not contribute to new fossil fuel supplies inconsistent with fulfilling the IEA's Net Zero Emissions by 2050 Roadmap. As one of the top shareholders of all six major U.S. banks, I urge you to vote in favor of these resolutions at each of the banks. You have a responsibility to use your influence as a major shareholder to hold companies accountable for their actions and commitments. As a signatory of the Net Zero Asset Managers Initiative, your firm has committed to "implement a stewardship and engagement strategy, with a clear escalation and voting policy, that is consistent with our ambition for all assets under management to achieve net zero emissions by 2050 or sooner." The world's leading scientists and energy experts have made it clear that achieving net-zero by 2050 is incompatible with continued fossil fuel expansion, but big banks are undermining that target and their own stated goals. You can help ensure that the world's largest banks are facilitating the necessary transition to clean, low-carbon energy, instead of continuing to finance destructive fossil fuels. This shareholder season, we will be watching your leadership and voting choices closely. Please do not let us down.

By taking this action to protect the planet, you are affirming you want to receive regular Sierra Club communications and may vote on policy designated by the Sierra Club Board. Additionally, by giving your mobile number, you consent to receive phone and text communications from Sierra Club organizations.

Photo credit: Erik McGregor | Image of protesters outside of the BlackRock Headquarters in New York City holding a yellow banner that reads "All eyes on BlackRock: Vote for climate NOW. The world is watching you"