Banks vote to limit accounting of emissions in bond and stock sales

NYC ‘Pizza Alliance’ formed to toss City Hall’s effort in cracking down against coal-, wood-fired ovens

Almost half of the financing provided by the six biggest US banks for top fossil fuel companies came from capital markets rather than direct lending between 2016 and 2022, according to environmental group Sierra Club.

The majority of the banks in the working group backed the 33% threshold but at least two dissented, with one advocating for 100%, the sources said, requesting anonymity because the deliberations were confidential.JPMorgan, Goldman face probe by 19 states over ESG investing Two of the sources said no decision had been made but it was reluctant to override the working group.The working group’s members are Morgan Stanley, Barclays, Bank of America, Citigroup, HSBC, BNP Paribas, NatWest and Standard Chartered.A Barclays spokesperson said the bank supported PCAF’s work to establish standards for emissions and declined to comment further.

Publication of PCAF’s final methodology has been delayed since last year because of the disagreements.

Source: News Formal (newsformal.com)

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