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CoEPB Backs Clean Energy Proposals at US Banks

The Church of England Pensions Board (CoEPB) has pre-declared votes for clean energy shareholder proposals filed at the upcoming AGMs of Bank of America, Goldman Sachs, and Morgan Stanley. The proposals – which were put forward by the New York City Comptroller – called on the banks to disclose their annual clean energy financing ratio. The ratio showcases a bank’s total financing through equity and debt underwriting and project finance in low-carbon energy supply, as a proportion of their financing in fossil fuel energy supply. CoEPB noted that the banking sector has a vital role to play in the energy transition, including in transitioning away from fossil fuel financing, financing climate solutions, supporting customers in their own net-zero transition plans, and positively influencing public policy. “These are reasonable proposals that we are pleased to support on the basis that they will help us assess the transition plans, strategy, and resilience of these banks,” said Laura Hillis, Director, Climate and Environment at the CoEPB. “Banks are key to the transition to net zero – and we are concerned that they’re simply not transitioning away from fossil fuel financing quickly enough.” 

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