Investors refused to back resolutions demanding stricter fossil fuel financing policies at three major US banks on Tuesday, dealing a blow to environmentalists hoping to apply more pressure to lenders over climate issues.
Proposals filed at Wells Fargo, Bank of America and Citi called on the banks to align their fossil fuel financing policies with achieving net zero emissions by 2050, and to ensure financing did not contribute to “new fossil fuel supplies”.
But the resolutions were backed by only about 11 per cent of shareholders at Wells Fargo and Bank of America and fewer than 13 per cent at Citi.
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