JPMorgan, Citi, RBC Reach Agreement with NYC on Climate Finance Disclosures

Three major North American banks, JPMorgan Chase, Citi, and the Royal Bank of Canada, have agreed to publicly disclose their financing ratio of clean energy supply to fossil fuel extraction. This decision comes after successful shareholder engagements led by New York City Comptroller Brad Lander. The move is aimed at evaluating the banks’ commitment to climate goals and their progress in reducing emissions. By disclosing their Energy Supply Ratio, these banks are setting a new standard for transparency in the banking sector, and it is hoped that other financial institutions will follow suit. The disclosure of the financing ratio will provide investors with valuable information about the banks’ transition risks and opportunities in the context of the energy transition. It will enable a better assessment of the pace and scale at which these banks are supporting clean energy and phasing out fossil fuel investments. This development aligns with the growing urgency to address climate change and signals an important step towards sustainable finance practices in the banking industry. Resources:

JPMorgan, Citi, RBC Reach Agreement with NYC on Climate Finance Disclosures