Citi and Bank of America announced recently they will join the Partnership for Carbon Accounting Financials, a global framework for financial institutions to measure and disclose the emissions from their lending and investment portfolios. Last week, Morgan Stanley became the first global US bank to commit to this initiative.
“Citi and Bank of America’s decision to join Morgan Stanley in committing to disclose emissions represents great progress,” said Danielle Fugere, president of As You Sow. “This chain of announcements demonstrates the mainstreaming of the financial sector’s need to take responsibility for its massive carbon footprint. These announcements represent a clear signal that carbon-heavy investments have no future.”
Last month, As You Sow released its “Waste & Opportunity 2020: Searching for Corporate Leadership” report analyzing the actions, or inactions, of 50 of the largest US consumer-facing companies to reduce plastic pollution. The report concludes that companies are far too slow in adopting responsive actions and promoting reusability, recyclability, or compostability in their packaging, and failing to shift away from wasteful packaging, toward circular models that prioritize absolute reduction.
Out of the 50 companies in the beverage, quick-service restaurant, consumer packaged goods, and retail sectors, the highest grade was a B- for Unilever. Twelve companies received C grades, 22 received D grades, and 15 received F grades. The six lowest ranked companies by size of revenue were Walmart, Kroger, PepsiCo, Tyson Foods, Kraft Heinz, and Mondelez International. The report says the high number of poor and failing grades reflects a lack of basic goal setting, strategy, and planning which must be developed to effectively address the plastic pollution crisis.