Dear Colleague: Fighting Climate Change is Everyone's Business - U.S. Banks
The American financial sector is urging the world to step up its fight against climate change. Recently, six major U.S. banks published a letter calling for a “strong global climate agreement” urging global leaders to reach a meaningful agreement on climate change during the upcoming Conference of the Parties (COP) in Paris.
Citi, Morgan Stanley, Bank of America, JPMorgan Chase, Goldman Sachs, and Wells Fargo warn “that an increasing concentration of greenhouse gases in our atmosphere is warming the planet, posing significant risks to the prosperity and growth of the global economy.”
The banks call on negotiators to “recognize the costs of carbon” to “provide greater market certainty, accelerate investment, drive innovation in low carbon energy, and create jobs.” The right policy frameworks, they wrote, “can help unlock the incremental public and private capital needed to ensure” that the estimated $90 trillion in new infrastructure investments projected over the next 15 years will promote “a strong and prosperous economy for generations to come.”
We couldn’t agree more.
Climate change is one of the most serious issues facing the planet and the annual COP provides a venue for the world's leaders to discuss the global response. We urge all members – regardless of party – to fully embrace this opportunity for serious climate action, and to stand with the growing list of American businesses committed to tackling this serious problem.
Eliot L. Engel Frank Pallone, Jr.
Ranking Member Ranking Member
House Foreign Affairs Committee House Energy & Commerce Committee