Investments

Using a local beach as a canvas for its billboard — which vanishes as the tide comes in — the bank is drawing attention to how customers' financial choices can affect the environment.

In a report published Tuesday, the nonprofit Finance Watch estimates that the 60 largest global banks have about $1.35 trillion of credit exposures to fossil fuel assets.

The SEC and other regulatory agencies have raised the environmental, social and governance ante. Financial institutions will need to find a way to chip in before the stakes are raised even higher.  

Canadian Imperial Bank of Commerce set a goal of reducing the carbon-emissions intensity of its lending to power generators, adding to targets it has already placed on the oil and gas industry.

The amount of money that investors are parking at a major Federal Reserve facility climbed to yet another all-time high as funds sought out places to stash short-term cash.

JPMorgan Chase Chief Executive Jamie Dimon said that the U.S. needs to invest in the fossil fuel industry to reduce greenhouse-gas emissions in the long term and protect economic growth.

The Rhode Island bank's agreement to purchase power from Ørsted will support the development of a new wind farm in Kansas. Citizens will receive renewable energy credits.

The Swiss bank's municipal-underwriting subsidiary lost out on a bond deal after the state comptroller included the parent company on a list of firms he deems "boycott" the fossil fuels industry.

Adrienne Harris, superintendent of the New York State Department of Financial Services, previewed the agency's upcoming climate guidance in an interview with American Banker. Banks "cannot sacrifice" their fair lending and equity obligations "in order to mitigate climate risk," she said.