Bank of America & Wells Fargo: Reveal Your Climate Plans

Thanks to YOU, Bank of America and Wells Fargo's rival Citibank – the 2nd WORST banker of climate chaos — took an important step forward last month.

Big banks have a chance to rule out fossil fuel expansion and put us on track for a livable climate. Will you push Bank of America and Wells Fargo to stop expanding fossil fuels?

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CEO

Brian T.

Moynihan

Bank of America

My message to Brian T. Moynihan

I write to you in advance of your bank’s 2030 targets, as part of your company implementing its commitment to net-zero financed emissions by 2050. I recognize the importance of the direction of travel signaled by that pledge, but a 2050 commitment cannot be a fig leaf for the short-term continuation of business as usual. The next steps the bank announces will show whether activists, investors, and regulators should view your 2050 commitment as greenwash.

The key litmus test will be whether or not your bank immediately ends financing for the expansion of fossil fuels. As the International Energy Agency underlined in its Net Zero by 2050 scenario, the path to that goal is "narrow but still achievable" -- and requires an immediate end to new oil and gas fields, coal mines or coal plants. As you know, potential emissions from oil, gas and coal reserves already in production more than exhaust a 2°C carbon budget, and take us far beyond 1.5°C.

Your bank is among the top four fossil fuel financers in the world since the adoption of the Paris Climate Agreement at the end of 2015. Writing blank checks to the world's biggest expanders of fossil fuels locks us all into a world of runaway global warming.

We have seen some of your U.S. peer banks fail in their most recent climate steps, setting intensity-only targets that are fully compatible with expansion of fossil fuels and increases in absolute emissions -- in the decade in which we must halve absolute emissions in order to stave off the worst effects of the climate crisis.

We call on you to take concrete steps to align with a world in which climate change is limited to 1.5°C and human rights are fully respected, by taking the following steps:

- Immediately end financing for expansion of fossil fuels;
- Setting 1.5°C-aligned zero dates for fossil fuels; 
- Ensure that the bank reduces absolute financed emissions each year, starting immediately, on a 1.5°C-aligned timeline, without reliance on offsets; 
- Protect our most vital carbon sinks by ending financing for deforestation, across all forest-risk commodities; and
- Immediately end financing for projects and companies that are implicated in abuses of human rights, especially Indigenous rights.

You have an opportunity to take a leadership position on climate and justice, and we urge you to seize it.

Kind regards,
{user_data~First Name} {user_data~Last Name}

CEO

Charles

Scharf

Wells Fargo

My message to Charles Scharf

I write to you in advance of your bank’s 2030 targets, as part of your company implementing its commitment to net-zero financed emissions by 2050. I recognize the importance of the direction of travel signaled by that pledge, but a 2050 commitment cannot be a fig leaf for the short-term continuation of business as usual. The next steps the bank announces will show whether activists, investors, and regulators should view your 2050 commitment as greenwash.

The key litmus test will be whether or not your bank immediately ends financing for the expansion of fossil fuels. As the International Energy Agency underlined in its Net Zero by 2050 scenario, the path to that goal is "narrow but still achievable" -- and requires an immediate end to new oil and gas fields, coal mines or coal plants. As you know, potential emissions from oil, gas and coal reserves already in production more than exhaust a 2°C carbon budget, and take us far beyond 1.5°C.

Your bank is among the top four fossil fuel financers in the world since the adoption of the Paris Climate Agreement at the end of 2015. Writing blank checks to the world's biggest expanders of fossil fuels locks us all into a world of runaway global warming.

We have seen some of your U.S. peer banks fail in their most recent climate steps, setting intensity-only targets that are fully compatible with expansion of fossil fuels and increases in absolute emissions -- in the decade in which we must halve absolute emissions in order to stave off the worst effects of the climate crisis.

We call on you to take concrete steps to align with a world in which climate change is limited to 1.5°C and human rights are fully respected, by taking the following steps:

- Immediately end financing for expansion of fossil fuels;
- Setting 1.5°C-aligned zero dates for fossil fuels; 
- Ensure that the bank reduces absolute financed emissions each year, starting immediately, on a 1.5°C-aligned timeline, without reliance on offsets; 
- Protect our most vital carbon sinks by ending financing for deforestation, across all forest-risk commodities; and
- Immediately end financing for projects and companies that are implicated in abuses of human rights, especially Indigenous rights.

You have an opportunity to take a leadership position on climate and justice, and we urge you to seize it.

Kind regards,
{user_data~First Name} {user_data~Last Name}