Climate change

The Rainforest Action Network says the 2020 decline stemmed more from weak energy demand during the pandemic than banks’ pledge to reduce financing to firms that contribute to climate change.

Top officials at the U.S. central bank and Treasury Secretary Janet Yellen reaffirmed their commitment to understand how extreme weather events affect financial institutions and the economy as a whole. Many Republicans, however, worry the Federal Reserve’s new climate focus strays too far from its traditional function.

The Treasury Department and U.S. regulators aim to boost demand for assets that tackle climate change, while preventing companies from making claims that could be considered “greenwashing,” or overstating the significance of emissions reductions and sustainability efforts.

Democrats want regulators to actively protect the financial system from losses tied to extreme weather events, while Republicans say climate policy is "beyond the scope" of their mission.

The Cleveland company is more than doubling an earlier commitment in order to support racial equity and environmental sustainability.

The bank also committed to finance $500 billion in sustainable businesses and projects by 2030.

MUFG Union Bank is offering a new deposit product to commercial clients who want to see their cash reserves used to help finance sustainable projects, such as renewable energy or green transportation.

Aspiration makes donations to a tree-planting charity based on debit card spending, buys carbon offsets for gas purchases and rates retailers' environmental records.

Citigroup is one of the world's largest lenders to the fossil fuel industry, but CEO Jane Fraser vowed on Monday that the bank would achieve net-zero greenhouse-gas emissions in its financing activities by 2050.

Going green takes time, so lenders need to start revamping entire business relationships now, according to one sustainability-focused nonprofit. That process could include setting environmental goals for fossil-fuels companies and other customers that are conditions for continuing to finance them.