Stand.earth Commends NYC Comptroller Climate Resolutions at Big Fossil Banks
January 31, 2024
New York, NY – Today, the New York City Comptroller, representing $255 billion in assets under management, announced filing of climate shareholder resolutions at big fossil banks, including Citibank and Royal Bank of Canada (RBC).
The resolutions specifically challenge six major banks on skewed financing ratios of dirty energy to clean energy, which are currently dangerously out of sync with all legitimate energy modeling projections, including from the International Energy Association (IEA).
“Big fossil banks like RBC and Citi are dragging us all backwards by over-financing dirty energy of the past, and under-financing solutions for a climate-safe economy. On the heels of the hottest year on-record, this reckless imbalance has deadly impacts for our communities and climate,” said Richard Brooks, Stand.earth Climate Finance Director. “We commend New York City’s leadership, as the home of Wall Street, to push big banks to be part of the solution and stop exacerbating the problem. This is a clear signal for pensions and institutional investors everywhere to step up and support these resolutions.”
Today’s resolutions come on the heels of a recent first-of-its-kind report and scorecard – the Hidden Risk in Pensions – which graded 24 U.S. public pension funds (including NYC) on proxy voting and guidelines.
Both Citi and RBC’s ratio of financing renewables to fossil fuels are abysmally low, according to Bloomberg NEF. RBC’s ratio was 0.4:1 in 2022, while Citi’s ratio actually decreased from 0.7:1 in 2021 to 0.6:1 in 2022.
Citi was warned by the United Nations, along with other banks, that their financing of Saudi Aramco may contribute to global human rights violations because of the oil giant’s role in driving climate chaos. Meanwhile, RBC is currently under investigation by the Competition Bureau of Canada for allegedly misleading consumers with climate-related advertising while continuing to increase financing for coal, oil and gas, including in extreme energy like fracking and tar sands.
RBC and Citi’s proxy statements are expected in early March ahead of annual general meetings (AGMs): RBC’s in Toronto on April 11, 2024, and Citi’s at the end of April.
For more on the #FossilFreeRBC campaign, visit: FossilFreeRBC.org
For more on the #FossilFreeCiti campaign, visit: FossilFreeCiti.org