WASHINGTON — Today, Hip Hop Caucus’ Economic Justice, Justice Paid In Full Campaigns Director Stephone Coward II issued the following statement in response several U.S. banks exiting the Net-Zero Banking Alliance:

“Hip Hop Caucus is disappointed by the recent decisions of several major U.S. banks—Goldman Sachs, Wells Fargo, Citigroup, Bank of America, and Morgan Stanley—to withdraw from the Net-Zero Banking Alliance (NZBA), an important global effort aimed at aligning the financial sector with the goals of the Paris Climate Agreement and achieving net-zero greenhouse gas emissions by 2050. Banks and investment firms are key actors in both financing fossil fuel extraction and transitioning to renewable energy, and this move undermines the collective global progress to address the climate crisis.

While economic uncertainties and political shifts understandably create pressures and concern for financial institutions, we need bold financial actors who are willing to ride the waves of change and take urgent action to support a global transition to a net-zero economy. 

The power of publicly-aligned financial institutions in shaping climate outcomes cannot be overstated. Through Hip Hop Caucus’ Bank Black & Green Campaign, we are connecting the dots between economic justice, climate action, and racial justice with Black-owned banks to deploy capital to frontline communities and divest from the fossil fuel industry and mass incarceration. If banks, asset managers and investment firms are serious about addressing our growing climate challenges, they must go beyond token commitments and be held accountable for their actions. Hip Hop Caucus will continue to support investments in a just, sustainable future, and aim to hold financial institutions accountable to the communities they serve.”

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