Investments

Kentucky State Treasurer Allison Ball published a list of 11 financial companies, including several major Wall Street banks, that she deems to be hostile to the fossil fuel industry.

JPMorgan Chase is upping its climate ambitions, announcing a slew of new emissions reductions targets for its financing to carbon-intensive businesses, including airlines and cement manufacturers.

The National Credit Union Administration must extend a program allowing credit unions to offer long-term loans for residential solar power installations.

The state's Department of Financial Services issued proposed guidelines on how banks and mortgage lenders should manage climate-related risks. But the guidance was quickly slammed by a trade group representing community banks.

On issues from guns and abortion to climate change to corporate diversity, banks that have been trying to satisfy progressive groups felt blowback this year from right-leaning organizations and Republican officials.

The companies, which reach thousands of merchants, recently launched environmental programs that use a network effect to cut carbon emissions.

A shareholder group that is pushing the nation's largest banks to conduct racial equity audits criticized JPMorgan Chase's effort, while giving a more favorable review of a Citigroup report. Banks small and large launched racial equity initiatives in 2020 in the wake of protests sparked by the murder of George Floyd.

A carbon-credit transaction network developed by nine banks including Canadian Imperial Bank of Commerce and UBS Group is a step closer to launching early next year after completing a series of pilot trades.

Banks, fintechs and advisors are cautiously pushing investments next year to keep up with industry expectations.