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Financing 1.5°C: Contextualizing Wall Street’s Latest Climate Commitments
The briefing examines the initial net-zero announcements from Bank of America, Citi, Goldman Sachs, and Wells Fargo. While these institutions have committed to 2050 targets, the document notes that they are in early stages, lacking specific interim targets, defined pathways, and clear coverage standards for business units like capital markets. It highlights varying organizational responses, ranging from Wells Fargo's centralized Institute for Sustainable Finance to Goldman Sachs' hybrid model, and notes the adoption of the Partnership for Carbon Accounting Financials (PCAF) by several banks to improve emissions reporting consistency.
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Document type: Briefing