New York City comptroller Brad Lander and three of the city’s pension funds are offering shareholder proposals calling on several banks — including the Royal Bank of Canada — to disclose absolute greenhouse gas emissions targets for 2030.
The shareholder proposals, which request a report within one year, call for an absolute reduction target aligned with a science-based net-zero emissions pathway.
The plan is backed by the New York City Employees’ Retirement System, Teachers’ Retirement System and Board of Education Retirement System. The pension funds hold a combined 293,000 shares of RBC as of last November.
The proposals, which were filed at Goldman Sachs Group Inc., JPMorgan Chase & Co. and RBC, request that the absolute GHG emissions targets cover lending and underwriting for oil and gas and power generation sectors. At the Bank of America, the proposal co-filed with the New York State Common Retirement Fund asks the emissions reduction targets cover lending and underwriting in the company’s energy sector.