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Our work in the banking sector

As the lynchpin of the global economy, banks are key to setting the pace of climate action. We work with investors, banks, and key regulators to drive investments, smart policy, and action that will benefit both financial markets and the planet.

Explore our banking and finance reports

We equip financial institutions with cutting-edge research and reports to help them thrive in the transition to a more equitable, net zero emissions economy.

Nov 14, 2023
Sustainable Finance Opportunities: A Guide for Financial Institutions
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Aug 24, 2023
Responsible Policy Engagement Benchmarking for Banks
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Aug 8, 2023
Net Zero Standard for North American Banks
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Latest updates

Read the latest news and insights from our work in the banking sector.

Our Progress

Ceres is working to ensure that major banks set and achieve ambitious climate targets for 2030. As a result of our advocacy, we are seeing real progress. Here are some recent highlights.

As of April 2024, Citi remains on track to set financed emissions reduction targets on all high emitting sectors, currently having set targets on six sectors. Ceres’ direct engagement with Citi and investor engagement through various shareholder resolutions has led them to improve their transition plan, disclose client alignment percentage data (showing that resp. 37% and 59% of their Energy and Power clients are demonstrating ability to decarbonize their scope ½ emissions) and commit to disclose their clean energy supply ratio next year.

In 2024, after consulting with Ceres on methodologies and targets design, Bank of America committed to reduce its financed emissions intensity for three new sectors, Aviation, Steel and Cement (resp. –37% , -27% and –32% by 2030), and to align its Maritime Shipping portfolio to the Poseidon Principles. We are pursuing our work with them on targets design and the inclusion of facilitated emissions-to-targets scope.

As of April 2024 Ceres continues to work with Wells Fargo on building a credible transition plan towards its net-zero targets and sector commitments for Oil and Gas, Power, Aviation, Automotive and Steel sectors through direct engagement, discussions and investor work.

In February 2024, Barclays announced a climate strategy for transitioning the energy sector by committing to no longer directly financing new upstream oil and gas projects or related infrastructure and restricted funding for clients reliant on expansion (more than 10% of planned capital expenditure). Additionally, Ceres worked with Barclays to guide its pilot for a just transition assessment within its Client Transition Framework to evaluate whether clients are seeking to decarbonize in line with a just transition.

In December 2023, JPMorgan committed to reduce its portfolio emissions intensity on two additional sectors, Shipping and Aluminum (resp. -33% and –25% by 2030), bringing sectors they set targets on to eight. One significant update this year was the adoption of a new “energy mix” target for scope 3, replacing their previous scope 3 energy target of –15%, the new target includes zero-carbon power generations in its scope and raises the intensity reduction percentage to –36% by 2030. Due to investor engagement through a shareholder resolution, JP also committed to disclose its clean energy supply ratio next year.

Events and webinars

Panel discussion at COP28
Dec 6, 2023
How Can Financial Institutions Ensure Just Transition Through Cleantech Financing and Green Jobs?
Buildings on Wall Street
Nov 4, 2022
Derivatives and Bank Climate Risk Report
NYC flooding
Sep 14, 2021
The Consequences of Physical Climate Risks for Banks

Help us transform the banking sector

Our work to accelerate the transition to a more just and sustainable economy depends on the generosity of our supporters. Your gift will help Ceres drive progress across every sector of the economy.

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