FOR IMMEDIATE RELEASE
Major U.S. banks call for leadership in addressing climate change
Bank of America, Citi, Goldman Sachs, JPMorgan Chase, Morgan Stanley & Wells Fargo issue joint statement on the need for global climate agreement
Six major U.S. banks – Bank of America, Citi, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo – have issued a joint statement calling for cooperation among governments in reaching a global climate agreement. The statement, published today by the sustainability advocacy nonprofit Ceres, voiced support for policy frameworks that “will provide greater market certainty, accelerate investment, drive innovation in low carbon energy, and create jobs.”
The banks said that their institutions are collectively “committing significant resources toward financing climate solutions” and added that “clear, stable and long-term policy frameworks are needed to accelerate and further scale investments.”
“Financial institutions have a critical role to play in financing the transition to a low-carbon future,” said Mindy Lubber, President of Ceres and director of its $13 trillion Investor Network on Climate Risk. “As U.S. negotiators enter climate talks in Paris, they can say with confidence that the business and financial community in this country is ready for government leadership to address climate change.”
In today’s statement, the banks said they are “aligned on the importance of policies to address the climate challenge.” They also expressed ambition to continue investing directly in climate change mitigation efforts to make cities and communities more resilient.
For more information and to view the statement, visit: www.ceres.org/bankstatement.
Ceres is a nonprofit organization mobilizing business and investor leadership on climate change, water scarcity and other sustainability challenges. Ceres directs the Investor Network on Climate Risk (INCR), a network of over 100 institutional investors with collective assets totaling more than $13 trillion. Ceres also directs Business for Innovative Climate & Energy Policy (BICEP), an advocacy coalition of 34 businesses committed to working with policy makers to pass meaningful energy and climate legislation. For more information, visit www.ceres.org or follow on Twitter @CeresNews.
“Climate change presents enormous challenges for global business, but addressing it also offers tremendous opportunities,” said Alex Liftman, Global Environmental Executive at Bank of America. “Financial institutions play a vital role in accelerating the transition to a low-carbon economy.”
“Financing sustainable solutions that matter is central to our business success,” said Valerie Smith, Director of Corporate Sustainability at Citi. “We are increasingly working with our clients across various sectors to not only manage and mitigate risks but also recognize opportunities associated with addressing climate change.”
“One of the critical roles financial institutions play in helping to address climate change is to harness market mechanisms to mobilize much needed capital to facilitate the transition to a low carbon future and build greater physical resiliency. Governments can help markets by establishing a clear, stable policy framework that creates value for these investments and facilitates innovation,” said Kyung-Ah Park, Head of Environmental Markets at Goldman Sachs.
“Significant investments in urban infrastructure and energy will need to be made over the next two decades,” said Matt Arnold, Managing Director and Head of Social and Sustainable Finance at JPMorgan Chase. “Governments need to take the lead in sending clear and timely policy signals to ensure these investments support and enhance sustainable economic growth and development – which includes addressing climate change.”
“Morgan Stanley believes that the capital markets can and must play a positive role scaling solutions to global challenges,” said Audrey Choi, Managing Director and CEO of the Morgan Stanley Institute for Sustainable Investing. “The demand for financial tools that address climate change is strong and growing, and we are committed to continued leadership across a range of climate-focused capital markets activity, including financing for clean-tech and renewable energy businesses, underwriting green bonds, and ensuring our wealth management clients have options to align their portfolios with their environmental goals.”
“Businesses across the spectrum are evaluating the risks and opportunities associated with a changing climate – and taking action,” said Mary Wenzel, Head of Environmental Affairs at Wells Fargo. “Strong, long-term policy frameworks can provide the business certainty needed to accelerate innovation and investment.”