Ross Kerber, Elizabeth Dilts Marshall

(Reuters). Climate-focused investors have called on U.S. major banks to reduce funding for new fossil fuel developments. This is in response to the fact that banks are still not making enough commitments to reduce global carbon emissions.

According to documents obtained by Reuters, the investors filed resolutions in an attempt to have the issue brought up at shareholder meetings.

Banks receiving the resolutions include the nation’s six largest by asset size — JPMorgan Chase & Co (NYSE:), Bank of America (NYSE:), Wells Fargo (NYSE:) & Co, Citigroup Inc (NYSE:), Morgan Stanley (NYSE: Goldman Sachs Group Inc (NYSE:).

Each of the six countries have committed to reducing global carbon emissions. Members of the Interfaith Center on Corporate Responsibility’s resolutions seek to immediately stop the funding of fossil fuel development, in accordance with the International Energy Agency’s calls.

Representatives from JPMorgan and Citigroup as well as Morgan Stanley and Goldman Sachs were unable to respond. Bank of America Representatives did not respond for questions.

While Wells Fargo declined to comment about the resolution, a representative of the bank noted the other climate-focused actions the bank took such as the planning for $500 billion in financing sustainable projects and businesses by 2030.

Jonas Kron is chief advocate officer of Trillium asset Management. He stated, “We basically say to banks that we’ve made those promises, now you have to put in the policies to realize those commitments.” Mercy Investment Services and the Sierra Club Foundation are two others.

Bank of America, Citigroup are asked to submit additional resolutions on the possibility that a severe climate forecast might cause assets such as underground oil-and gas reserves to be subject to premature devaluation.

It is not certain that the resolutions will be put to a vote. In the coming weeks, banks will make decisions about whether they accept or reject resolutions in proxy statements.

The ICCR member banks manage only a very small portion of the total $4 trillion, but they account for a significant fraction of total market capitalizations.

The ICCR has been able to win support from the top investment banks for many of their ideas, such as a call that sought to create a diversity report for workers. This proposal won more than 80% support. Union Pacific (NYSE:) May. BlackRock Inc (NYSE 🙂 was a major asset manager.

However, banks are open to investing outreach. After receiving promises from Bank of America, ICCR members withdrew the majority of resolutions filed by top banks in preparation for their spring 2021 meeting.

Many banks also joined the United Nations-backed Net Zero Banking Alliance this year. This alliance aims to ensure that their lending is aligned with the targets for net-zero emission by 2050. However, this is slower than the International Energy Agency recommended.

“Everybody, inside and out of banks, understands the direction in which we are traveling here. It is not clear how fast that could happen, said Ivan Frishberg chief sustainability officer at union-affiliated banks. Amalgamated Bank (NASDAQ): He serves as a director of the bank alliance steering group.