Tell your state treasurer: vote for climate action on Wall Street

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In the fight for a livable planet, everyone knows elections are important. But did you know that every spring there are elections that will have a huge impact on the climate and our future? We’re talking about the voting that happens every year at the annual shareholder meetings of big banks, insurance companies, major tech firms, polluting fossil fuel companies, and other US corporations with huge climate footprints.

This shareholder season, there are four key climate shareholder proposals up for votes at Wall Street banks. These votes shape how banks will act – what fossil fuel projects get built, how whether fossil fuel expansion gets bankrolled or climate solutions are funded, and what kind of responsibility the company will take towards Indigenous and frontline communities.

Some of the biggest investors voting at these Annual General Meetings are state pension funds, which collectively manage trillions of dollars that are invested in corporations across the economy. These funds are managed by state treasurers and pension boards, who are accountable to you.

Act Now: Tell your state treasurer to vote for climate action this AGM season.

State treasurers have an important role to play in stopping the flow of money to fossil fuels and protecting the retirements of millions of public employees. As large investors in these banks, it’s imperative that our State Treasurers vote the right way

Every new fossil fuel project that gets funded accelerates the climate crisis - bigger storms, larger forest fires, more intense droughts. Our state treasurers have to keep pension funds and public dollars safe. They can do that by telling the big banks and insurance companies to stop funding fossil fuel expansion.

Tell your treasurer to vote yes on the climate and Indigenous rights resolutions at the bank shareholder meetings this spring!

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Calling on state treasurers to support crucial shareholder resolutions on climate

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I am writing to call on you to vote YES on all climate and Indigenous rights resolutions at banks and insurance companies’ shareholder meetings this spring. Specifically, there are four shareholder resolutions before major banks and insurance companies that I urge you to support: 1. Time-Bound Phase-Out of New Fossil Fuel Exploration and Development These resolutions urge companies to adopt a policy for a time-bound phase-out of lending and underwriting for projects and companies engaged in fossil fuel expansion. The resolutions were filed at the banks JP Morgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, and Royal Bank of Canada (RBC); and the insurance companies Chubb, The Hartford, and Travelers. 2. Indigenous Rights Report This resolution, filed at Citigroup, calls for a report on the effectiveness of bank practices, policies, and performance indicators in respecting internationally-recognized human rights standards for Indigenous Peoples’ rights in its existing and proposed general corporate and project financing. 3. Absolute Greenhouse Gas Reduction Targets These resolutions urge banks to set absolute, not intensity-based, emissions metrics when setting their emissions reductions targets for financing the energy sector. This proposal is in line with the United Nations High-Level Expert Group guidance for the best practices for companies to set Paris-aligned climate goals, and which recommends that companies should set emissions reductions targets using absolute emissions metrics rather than emissions intensity. These resolutions were filed by New York City and New York State at Bank of America, Goldman Sachs, JPMorgan Chase, and Royal Bank of Canada (RBC). 4. Report on Climate Transition Planning These resolutions would require banks to publish a comprehensive plan detailing how they will meet their 2030 climate targets, including, for example, disclosure of clients’ estimated annual reductions and how the bank plans to achieve remaining reductions. They were filed at JP Morgan Chase, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, TD Bank, and Bank of Montreal. The global financial giant, Swiss Re, has estimated that the world stands to lose close to ten percent of total economic value by mid-century if climate change stays on the currently anticipated trajectory. If the world warms by 3.2°C, the economic losses will hit $23 trillion by 2050, or eighteen percent of global economic value. As state financial officers, you have a fiduciary responsibility to manage beneficiaries' savings in a manner that mitigates this climate-related financial risk. A key way to do this is using your proxy voting powers to support shareholder resolutions that move banks and insurance companies toward Paris-alignment and respecting Indigenous rights and sovereignty ― two things that banks and insurance companies are currently failing on. By voting YES on critical climate and Indigenous rights resolutions at banks and insurance companies this spring, investors can help stop this pattern of financial risk mismanagement. I hope you make the right choice.

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.

Photo by rivernorthphotography | Image description: low-angle shot of a state treasurer's office