Wells Fargo, Goldman Sachs, Bank of America, and JPMorgan Chase work with RMI's Center to help shape the financial industry's role in facilitating the transition to a low-carbon, sustainable economy and society.
NEW YORK, July 9, 2020 /PRNewswire/ -- Rocky Mountain Institute (RMI), a leading global clean energy nonprofit, today announced the launch of the Center for Climate-Aligned Finance in collaboration with Wells Fargo, Goldman Sachs, Bank of America, and JPMorgan Chase—four of the world's largest financial institutions. The Center's mission is to serve as an engine room for the financial sector to partner with corporate clients and identify practical solutions through collaboration with industry, civil society and policymakers to facilitate a global transition to net-zero emissions by mid-century.
The Center for Climate-Aligned Finance will be independently administered by RMI and will collaborate with the financial sector to develop integrated solutions and decision-useful frameworks in partnership with industry clients in carbon-intensive sectors to drive decarbonization, as well as develop relevant metrics, tools, and means for tracking progress toward the net-zero transition.
Building on RMI's nearly 40 years of experience developing market-based solutions to accelerate the energy transition, the Center will work to shape sectoral climate alignment initiatives for high-emitting industries. This work will be based in part on RMI's experience in helping to develop and launch the Poseidon Principles for the shipping sector.
The Center plans to engage a broader community of corporate leaders, financial institutions, civil society partners and other key stakeholders in its work. It is partnering with other financial institutions like Vision Ridge Partners and Amalgamated Bank as well as prominent nonprofit organizations and platforms including Ceres, the Partnership for Carbon Accounting Financials (PCAF), United Nations Environment Programme Finance Initiative (UNEP FI), 2° Investing Initiative (2DII), Mission Possible Platform, and the Energy Transitions Commission. The Center is receiving philanthropic support from William and Flora Hewlett Foundation and ClimateWorks Foundation.
"When the history of the energy transition is written, the financial sector could be seen as one of the most important drivers of transformative change—but only if we work quickly and boldly in the coming years to resolve the practical barriers to climate-aligned finance. We invite other financial institutions to join us on the journey," said Jules Kortenhorst, CEO of RMI.
To learn more about the Center and engagement opportunities, visit climatealignment.org
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SOURCE Rocky Mountain Institute