Citi and the Bank of America will join the Partnership for Carbon Accounting Financials, a global framework for financial institutions to measure and disclose the emissions from their lending and investment portfolios.
Morgan Stanley became the first global US bank to commit to this initiative.
Danielle Fugere, the president of As You Sow, said: “Citi and Bank of America’s decision to join Morgan Stanley in committing to disclose emissions represents great progress. This chain of announcements demonstrates the mainstreaming of the financial sector’s need to take responsibility for its massive carbon footprint. These announcements represent a clear signal that carbon-heavy investments have no future.”
Liza Holzman, energy programme manager of As You Sow, adds: “We are pleased to finally see this movement within the financial sector. Investors have increasingly asked banks to address their significant contribution to climate change — measuring and disclosing emissions is a critical first step. We look forward to seeing the banks follow through on this commitment and recognize this as the precursor for setting targets to reduce portfolio emissions in alignment with the Paris Climate Agreement.”