WASHINGTON – Today, Morgan Stanley announced a new climate commitment to reach net-zero financed emissions by 2050. It is the first major American bank to set such a target, though the announcement did not include details on the bank’s plan to get there.
As a member of the Stop the Money Pipeline Coalition, 350.org North America Director Tamara Toles O’Laughlin issued the following statement:
“Morgan Stanley’s announcement is a step in the right direction — for a decade ago. As a major in finance and securities and a driver of funds toward environmental devastation, we expected action beyond rhetoric. This is not it. As the West burns and storms line up in the Atlantic, today’s actions are late and little. We look forward to continuing to push one of the world’s top fossil fuel financiers to take action on climate change. This is also a call to the public sector, as the kind of commitment we must see built on at the first ever summit of public development banks in November. To fundamentally change the financial system, we need public and private institutions investing in a just transition away from fossil fuels.”
From November 10-12, the global Finance in Common Summit (FiC), convened by the French Development Agency (AFD) in Paris, will be the first major gathering of public development banks. Bringing together 450 banks that control approximately $2 trillion in public money all over the globe, the Summit aims to get all participating banks to sign a declaration on their commitment to align their policies with climate, sustainable development and biodiversity goals.