Three large US banks face shareholder calls on Tuesday to wind down fossil fuel financing, a balancing act for them and their top investors who are also under political pressure from the other side to maintain support of the oil and gas industries.
Heidi Welsh, executive director of the Sustainable Investments Institute, which tracks shareholder votes, said support from 20% or more of each bank's investors would be significant for the activists. "If you get at least 20%, then you're in the game," she said.
Ben Cushing, a Sierra Club campaign director, said the resolution results should be seen in context with how environmental proposals fare. Together the resolutions, Cushing said, "represent a substantial challenge to big banks’ narrative that they are adequately managing and mitigating climate risks."
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