BofA, Goldman, JPMorgan, Wells Fargo launch center for climate-aligned finance

July 9, 2020 by  
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BofA, Goldman, JPMorgan, Wells Fargo launch center for climate-aligned finance Jesse Klein Thu, 07/09/2020 – 00:01 The Rocky Mountain Institute (RMI) is banking on banks to get us over the carbon-neutral finish line by 2050.  The nonprofit announced Wednesday that it’s partnering with four of the world’s largest financial institutions — Wells Fargo, Goldman Sachs, JPMorgan Chase and Bank of America — to launch the Center for Climate-Aligned Finance . The center will serve as a hub for cross-sector collaboration, bringing traditional financial instruments to innovative ideas to decarbonize the planet.  “It’s not the responsibility of any single country or single sector,” said Paul Bodnar, managing director for climate finance at RMI. “But one sector provides the lifeblood that powers all the others and that’s finance.”  A new buzzword, climate-aligned finance, is RMI’s answer to the uneven responsibility put on the financial sector. Its goal is to integrate the financial sector’s attempts at going green, including green business investments, exclusionary policies for certain fossil fuels and the industry’s ESG policies, into one complete strategy.  The Center for Climate-Aligned Finance will focus on four areas using RMI’s knowledge of sustainability in a variety of sectors and its deep understanding of the financial world. First, it will create specific, personalized initiatives for high-emitting sectors such as steel and cement production, utilities and the energy supply. Secondly, it will generate global frameworks on climate-aligned finance to guide other financial institutions around the world.  It’s important that the tools we develop be as practical and commercial as possible. “We really need tools now to take us from theory to practice,” said Marisa Buchanan, head of sustainability at JPMorgan Chase. “It’s important that the tools we develop be as practical and commercial as possible.”  The center also will support individual institutions and shape public discourse in the financial sector as the two other main areas of focus.  According to Bodnar, while the strategy starts with advocating a vision of carbon neutrality for the highest energy-using corporations, it will need to be stewarded by the loans, grants and investments doled out by these large financial partners . Wells Fargo has pledged to lend or invest $200 billion to sustainable businesses and projects by 2030. Goldman Sachs plans to help its clients transition into a climate-resilient model with $750 billion by 2030, and Bank of America is directing $300 billion towards these efforts as well.   “To serve our clients requires really analytical tools,” said John Goldstein, head of the sustainable Finance Group at Goldman Sachs. “Real technical chops required to do this work thoughtfully for analyzing, advising, financing and navigating.” While the banking industry has invested a lot into a green future where it sees an opportunity for job creation, profitable returns on innovative new companies and risk mitigation, it hasn’t seemed ready to walk away from the fossil fuels that built the sector’s wealth.  But pressure is mounting for the banks to overhaul their lending practices holistically. This includes a focus on solutions that will benefit vulnerable communities on the front lines of climate change that often have been overlooked by the environmental movement.  “The communities that are disproportionately affected by pollution from heavy industry, it is pretty well documented that communities of color and low-income communities tend to suffer the most,” Bodnar said. “That is an urgent call for us to accelerate the transition out of the assets that are generating the most pollution.”   Pull Quote It’s important that the tools we develop be as practical and commercial as possible. Topics Finance & Investing Banking Featured in featured block (1 article with image touted on the front page or elsewhere) Off Duration 0 Sponsored Article Off

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BofA, Goldman, JPMorgan, Wells Fargo launch center for climate-aligned finance

The biggest GreenBiz 30 Under 30 career moves

June 6, 2018 by  
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Wells Fargo expands its green finance team; sustainable startups abound.

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The biggest GreenBiz 30 Under 30 career moves

Seattle votes to divest billions of dollars from Wells Fargo over Dakota Access pipeline

February 7, 2017 by  
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Seattle could pull billions of dollars out of its longtime bank because of its role in the construction of the Dakota Access oil pipeline . On Wednesday, a Seattle City Council committee voted unanimously to divest nearly $3 billion of the city’s funds from Wells Fargo , one of 17 financial institutions involved in financing the contentious project. Although the bill still has to undergo a procedural vote by the full council on Tuesday, it is “widely expected to pass,” activist Shaun King wrote in the Daily News . During the hearing, councilwoman Debora Juarez said that committee members all agreed that divestment was the city’s “goal.” Should the legislation push through, Seattle will not renew its contract with Wells Fargo when it expires in 2018. Neither will the city be allowed to make new investments with the bank for three years. The proposal would be a major victory for the pipeline’s opponents, who returned to the site of last year’s monthslong protests at Standing Rock after President Donald Trump ordered the U.S. Army Corps of Engineers to expedite the completion of the 1,000-mile-long oil pipeline. “You faced down attack dogs, blizzards and rubber bullets,” councilwoman Kshama Sawant, who co-sponsored the bill, told a crowd on Wednesday, referring to the thousands of Native Americans and activists who faced off with law enforcement during last year’s standoff. “If we do not fight we will not win.” “Let’s build on this, make sure other cities move to divest from Wells Fargo,” she added. Related: 76 water protectors arrested at Standing Rock Jessica Ong, a spokeswoman for Wells Fargo, said that the bank respects “all the views” being expressed in the dispute, including those of the Seattle City Council members. “We are obligated to fulfill our legal obligations as outlined under the credit agreement,” she said. “That being said, we remain respectful of the concerns being expressed by tribal governments and communities, other groups, and individuals.” Meanwhile, in North Dakota, hundreds of demonstrators clashed with police in riot gear in 14-degree weather. A “rogue group” of 76 protestors who illegally set up camp on private property was arrested and taken to local jails, according to authorities. “After repeated warnings to vacate a camp being illegally set up on private property in southern Morton County, south of Backwater Bridge, approximately 76 members of a rogue group of protesters were arrested by law enforcement officials today,” the Morton County Sheriff’s Department said in a press release. Via Grist Photos by Mike Mozart and Bryce Edwards

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Seattle votes to divest billions of dollars from Wells Fargo over Dakota Access pipeline

Japan’s experimental mission to clean up space junk ends in failure

February 7, 2017 by  
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An experimental effort to remove five decades worth of space junk orbiting Earth has met with failure due to technical problems. A Japanese team planned to use a 700-meter-long tether to coax floating debris to a lower orbit, where it would burn up in the Earth’s atmosphere. But something went amiss and the tether couldn’t be extended – despite the best efforts of technicians who tried to fix it. According to the Guardian , more than 100 million pieces waste of various sizes, including cast-off equipment from old satellites and bits of rockets, are currently floating around the Earth. Experts say this garbage could pose risks for future space exploration, or even provoke armed conflict one day. The Japan Aerospace Exploration Agency (JAXA) developed a giant electrodynamic “tether” which they hoped could slow space refuse and bring it into a lower orbit – where they hoped it could later enter the Earth’s atmosphere and burn up. The plan was to extend the 700-meter-long tether, made from steel and aluminum wires, from a cargo ship launched in December to bring astronauts and supplies to the International Space Station. However all did not go according to plan – “We believe the tether did not get released,” leading researcher Koichi Inoue told The Guardian. “It is certainly disappointing that we ended the mission without completing one of the main objectives.” Related: Japan successfully orbits giant space junk collector The Guardian notes that JAXA has had some other disappointing results lately, including aborting a mission to use a mini-rocket to send a satellite into orbit a few weeks ago, and last year’s abandoned launch of a satellite designed to search for X-rays emanating from black holes and galaxy clusters. Via The Guardian Images via Jaxa and Wikimedia Commons

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Japan’s experimental mission to clean up space junk ends in failure

Banks shift billions and billions into clean energy

November 10, 2015 by  
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Clean energy financing to the tune of $150 billion by Goldman Sachs, $100 billion by Citi, $62 billion by Wells Fargo — is starting to add up to real money.

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Banks shift billions and billions into clean energy

What’s fundamentally reshaping business? Look to high school chemistry

November 10, 2015 by  
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More than the planetary climate is shifting. Here’s how we’re reaching a transformational point when it comes to sustainability.

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What’s fundamentally reshaping business? Look to high school chemistry

What makes a good corporate responsibility report?

November 10, 2015 by  
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Companies are getting more value out of the reporting process than the actual resulting report.

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What makes a good corporate responsibility report?

What should Google’s ‘Project Sunroof’ do next? Help cut energy demand

November 10, 2015 by  
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Increasing the supply of renewable energy is hugely important — but decreasing demand for power is a crucial first step.

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What should Google’s ‘Project Sunroof’ do next? Help cut energy demand

Six largest US banks call for strong COP21 deal and policy that recognizes cost of carbon

September 28, 2015 by  
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JP Morgan Chase, Bank of America, Wells Fargo, Citibank, Goldman Sachs and Morgan Stanley issue a letter calling for a strong global climate deal and policies that reflect the cost of carbon.

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Six largest US banks call for strong COP21 deal and policy that recognizes cost of carbon

How Wells Fargo puts corporate, employee values into action

February 13, 2013 by  
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The San Francisco-based bank's employees take the lead in finding projects that speak to them.

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How Wells Fargo puts corporate, employee values into action

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