As of April 2024, Citi remains on track to set financed emissions reduction targets on all high emitting sectors, currently having set targets on six sectors. Ceres’ direct engagement with Citi and investor engagement through various shareholder resolutions has led them to improve their transition plan, disclose client alignment percentage data (showing that resp. 37% and 59% of their Energy and Power clients are demonstrating ability to decarbonize their scope ½ emissions) and commit to disclose their clean energy supply ratio next year.

In 2024, after consulting with Ceres on methodologies and targets design, Bank of America committed to reduce its financed emissions intensity for three new sectors, Aviation, Steel and Cement (resp. –37% , -27% and –32% by 2030), and to align its Maritime Shipping portfolio to the Poseidon Principles. We are pursuing our work with them on targets design and the inclusion of facilitated emissions-to-targets scope.

As of April 2024 Ceres continues to work with Wells Fargo on building a credible transition plan towards its net-zero targets and sector commitments for Oil and Gas, Power, Aviation, Automotive and Steel sectors through direct engagement, discussions and investor work.

In February 2024, Barclays announced a climate strategy for transitioning the energy sector by committing to no longer directly financing new upstream oil and gas projects or related infrastructure and restricted funding for clients reliant on expansion (more than 10% of planned capital expenditure). Additionally, Ceres worked with Barclays to guide its pilot for a just transition assessment within its Client Transition Framework to evaluate whether clients are seeking to decarbonize in line with a just transition.

In December 2023, JPMorgan committed to reduce its portfolio emissions intensity on two additional sectors, Shipping and Aluminum (resp. -33% and –25% by 2030), bringing sectors they set targets on to eight. One significant update this year was the adoption of a new “energy mix” target for scope 3, replacing their previous scope 3 energy target of –15%, the new target includes zero-carbon power generations in its scope and raises the intensity reduction percentage to –36% by 2030. Due to investor engagement through a shareholder resolution, JP also committed to disclose its clean energy supply ratio next year.