Citigroup, JPMorgan, Royal Bank of Canada to disclose a new climate metric under agreements with New York City
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Citigroup, JPMorgan, and the Royal Bank of Canada (RBC) will introduce a new climate measure under deals by New York City Comptroller Brad Lander.
Lander, entrusted with managing public retirement assets, announced on Wednesday that the trio of banks will reveal their ratio of funding allocated to low-carbon energy ventures in contrast to their support for fossil fuel projects.
The new transparency will help investors “more effectively measure how well they are or aren’t living up to their commitments,” Lander said in a statement. “As leading public investors, we expect that energy supply ratio disclosure will become a new standard for the banking sector.”
Also read: Citi says 40% energy clients lack greenhouse gas reduction plans
According to a spokesperson for Lander, the upcoming reports from the banks must, at the very least, encompass their activities in equity and debt underwriting, syndicated lending, and project finance.
A representative from JPMorgan told Reuters that the bank reached an agreement with Lander regarding the disclosure of a ratio related to clean energy financing.
However, it was acknowledged that developing a practical and informative approach would require time and resources.
Also read: NYC pension funds urge Royal Bank of Canada for transparency on clean energy funding
Jennifer Livingstone, Vice President of Climate at RBC, expressed satisfaction with the constructive nature of their discussions with Lander and indicated that RBC intends to increase its lending to low-carbon energy projects.
“We plan to disclose a clean energy supply financing ratio in our 2024 Climate Report as it aligns to our strategic objectives,” she said in an email. “Transparency and advanced disclosures on climate performance are critical to showing the progress we are making.”
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