Today, in an announcement reported by Politico, Morgan Stanley announced it would become the first major American bank to track and report the greenhouse gas emissions from its loans and investments as part of the bank’s own contribution to climate change by joining the Partnership for Carbon Accounting Financials.

From 2016-2019, Morgan Stanley invested more than USD 91 billion in fossil fuels. The bank and its peers have faced growing pressure from the environmental movement to account for their contribution to the climate crisis and pull their support for fossil fuels.

In response, Sierra Club Senior Campaign Representative Ben Cushing released the following statement:

“This move is a major step in the right direction for Morgan Stanley, and any bank that claims to support climate action or the goals of the Paris Agreement should follow suit. Wall Street is driving the climate crisis, and if banks want to be part of the solution, they have to start by being transparent about the extent to which they’re currently part of the problem. Measuring and disclosing their impact is important, and now the critical next step will be to mitigate this impact by committing to an aggressive timeline to phase out their funding for climate-polluting fossil fuels altogether.”