Royal Bank of Canada and other lenders face pressure from N.Y. pension plans to redefine and disclose emission targets for 2030. Read on.
Play Video
Similar climate-related proposals filed last year were unsuccessful. BlackRock Inc., the world’s largest money manager, said at the time that it wouldn’t support climate resolutions that are “unduly prescriptive and constraining” and may not promote long-term shareholder value. While banks are being pressed to act on global warming by advocacy groups, they’re also under fire from Republicans who have said they’re following a “woke climate agenda.
In total, banks organized about US$533 billion of bonds and loans for the oil, gas and coal sectors last year year, down from US$656 billion in 2021, according to data compiled by Bloomberg.