Shareholders Call on Goldman Sachs to Disclose a Climate Transition Plan
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609
BERKELEY, CA—APRIL 26, 2023—A first-time shareholder resolution filed with Goldman Sachs by shareholder representative As You Sow, asking the company to provide an actionable climate transition plan to achieve its 2030 net zero greenhouse gas emission reduction goals, was supported by 30% of shareholders. The initial results were released at today’s annual general meeting.
This vote follows a 28.5% vote at Bank of America Tuesday. Results for a similar transition plan proposal that was voted on at Wells Fargo are still pending.
“Although Goldman has committed to aligning key sectors of its financing portfolio with net-zero targets, its plan for achieving those goals is unclear,” said Danielle Fugere, president of As You Sow. “Goldman must put a plan in place that drives decision-making from the top down, starting with governance, and ending with banker decision-making on new financing. Reliance on clients or outside events is insufficient.”
By operationalizing and translating net zero commitments into clearly disclosed and actionable strategies, Goldman Sachs can assure investors and the public that it has a path forward to meet its 2030 goals.
The latest IPCC report warns that global emissions are not falling at the rate and speed necessary to avoid irreparable impacts from a quickly warming climate. The banking sector is key to achieving global net-zero goals.
“This strong vote is a call to action,” said Fugere. “Goldman Sachs has demonstrated leadership in setting 2030 targets aligned with global climate goals. Now comes the hard work of making its plan actionable.”
Goldman Sachs has set 2030 reduction targets for its highest emitting portfolio sectors, including oil and gas, power, and auto-manufacturing. The bank is a member of the Net-Zero Banking Alliance, whose signatories have committed to aligning its lending and investment portfolios with the Paris Agreement’s net zero by 2050 goal. Membership signals a clear willingness to meet global climate commitments. Putting forth a transition plan will demonstrate to investors that these commitments are being made in good faith.
“We look forward to continued progress from banking institutions such as Goldman Sachs whose actions are inextricably tied to global net-zero targets and future climate action,” said Andrew Behar, CEO of As You Sow.
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As You Sow acts as a resource for shareholders seeking change from the banking sector.
As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligning investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.