Combatting climate change is on the agenda of big public companies, most notably in the technology and financial services industries.
In a 2019 study, non-profit research group JUST Capital found that “Americans see the planet as a key stakeholder” and agree that the environment should be a priority for companies. The group produces an annual ranking of the biggest publicly traded U.S. corporations across 33 industries on their environmental practices. Technology and financial services companies made the strongest showing for 2019, with software firm Workday, Apple, Goldman Sachs, Intel and Capital One in the top five. Alphabet, Microsoft, and bank holding company State Street Corp. made the top 10.
Worldwide, financial organizations have been demonstrating a shift toward greater environmental responsibility, specifically addressing their role in funding fossil fuel projects. British bank Standard Chartered took the decision in 2018 to stop providing financing for new coal-fired power plants. Now the bank has gone a step further, announcing that it will provide $75 billion in financing toward sustainable development and clean energy projects by 2024. Standard Chartered also said it is targeting net zero emissions from its branches and offices by 2030, Reuters reports.
The new financial commitment from Standard Chartered coincided with the February 17 announcement from Amazon CEO Jeff Bezos, pledging $10 billion to help combat climate change as part of a new initiative called the Bezos Earth Fund. The fund will support scientists, activists, non-profits and other groups dedicated to protecting the environment and countering the effects of climate change and will begin issuing grants this summer, according to Reuters.
“Climate change is the biggest threat to our planet,” Bezos said in an Instagram post. “I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change on this planet we all share.”
