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February 18, 2021

WASHINGTON DC –  Today, following the release of the Principles for a U.S. Transition to a Sustainable Low-Carbon Economy by the U.S. Climate Finance Working Group, financial services leaders underscored the importance of a market-based policy framework to support a U.S. transition to a low-carbon economy:

John Dugan, Chair, Citigroup: “The financial services industry, with its experience managing risk and its global resources, has an important role to play in addressing climate change, and in supporting an enabling policy environment. The Institute of International Finance’s principles are a valuable climate policy framework for our industry as we collectively pursue efforts to transition to a sustainable, low-carbon economy.”

Brian Moynihan, Chief Executive Officer and Chairman of the Board, Bank of America: “Financial services companies are playing a key role in helping the economy make the transition to a low-carbon, sustainable future. The U.S. Climate Finance Working Group has performed an important service by framing the core set of risks, opportunities, and market-based principles that will help us reach that outcome.”

Doug Peterson, President and CEO, S&P Global: “Public private sector cooperation is essential to transition to a low carbon economy. It is critical that we leverage reliable and robust data to inform policies and the financial markets. We support the principles outlined by the IIF to help facilitate greater transparency on climate risks, standardization of disclosures, and data-driven solutions.”

Daniel Pinto, Co-President, JPMorgan Chase: ”We applaud the effort of U.S. financial trade associations to come together and advance market-based policies that support our clients’ efforts toward climate transition, while advancing economic development and protecting communities. We look forward to working with the IIF and our other trade partners on these important issues.”

John Waldron, President and COO, Goldman Sachs: “Climate change cannot be addressed by one organization alone. We have long supported the transition to a lower-carbon economy and these principles reflect a shared recognition of the key building blocks that will help to further advance our industry’s contribution towards global climate goals.”

For more on the Principles, please see the full paper: “Financing a U.S. Transition to a Sustainable Low-Carbon Economy.” You can also read the aligned and complementary statement on climate finance by the IIF’s Board of Directors here.

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About The U.S. Climate Finance Working Group:

The U.S. Climate Finance Working Group is comprised of 11 financial services trade associations that have come together to exchange ideas, share knowledge and inform the conversation related to climate and sustainability topics relevant to their respective areas of the financial services industry and the broader corporate sector.

Working Group members include American Bankers Association, Bank Policy Institute, CRE Finance Council, Financial Services Forum, Futures Industry Association, International Capital Market Association, Institute of International Bankers, Institute of International Finance, International Swaps and Derivatives Association, Investment Company Institute, and Securities Industry and Financial Markets Association.

About the Institute of International Finance:

The Institute of International Finance is the global association of the financial industry, with more than 450 members from more than 70 countries. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. IIF members include commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks.