77% Of Board Members At Top 7 US Banks Tied To Fossil Fuels, Industrial Ag, High-Pollution Sectors

[hatrack]

US banks are pledging to help fight the climate crisis alongside the Biden administration, but their boards are dominated by people with climate-related conflicts of interest, and they continue to invest deeply in fossil fuel projects. Three out of every four board members at seven major US banks (77%) have current or past ties to climate-conflicted companies or organizations – from oil and gas corporations to trade groups that lobby against reducing climate pollution, according to a first-of-its-kind review by climate influence analysts for the blog DeSmog.

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DeSmog reviewed the careers of board directors and flagged any connections with high-polluting sectors, including fossil energy, agribusiness, steelmaking and mining. The group also relied on indexes that measure polluting companies, such as the Climate Action 100 list, which includes companies like Nestlé – which has contributed to deforestation. And they reviewed links to trade groups, lobbying firms and thinktanks that have opposed climate action. JPMorgan Chase tops the list for directors with climate conflicts. All of its 10 directors have current or past ties to companies or organizations contributing to the climate crisis. Wells Fargo comes in second, with 12 out of 13 directors.

Most of the seven banks declined to comment or did not respond to requests for comment. Wells Fargo noted its net-zero commitment and its plans to disclose near-term climate targets, as well as its taskforce on climate-related financial disclosures.

All seven of the banks have potential climate conflicts among at least half the directors on their boards. For example, Theodore Craver, a director at Wells Fargo, is also on the board of Duke Energy, a power company that owns significant coal and gas generation. Duke has vowed to reach net-zero carbon pollution by 2050, but environmental advocates have argued the company’s plan still includes a large amount of gas. Craver is also the retired CEO of Edison International, another energy company.

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https://www.theguardian.com/environment/2021/apr/06/banks-climate-change-line-3-pipeline-conflict-interest

[Mickju]

1. By the time these bozos die out it will be too late.