Ben Cushing

@bmcushing.bsky.social

2516 Followers 1142 Following

👋 Director of the @SierraClub.org Sustainable Finance Campaign: sc.org/sustainable-finance 📍 DC resident, Oakland raised 💭 Thinking a lot about climate, finance, politics, & the NBA

Cover of paper from the Sierra Club titled "The Long Term Will Be Decided Now: Why Climate Risk Demands System-Level Action from Investors" (June 2025)

FT excerpt:
"I would also point out that half of greenhouse emissions come from just three dozen companies — and 16 of those are state owned. Banks, as well as governments and regulators, should focus their efforts where it counts. Investors too. But asset owners and managers must rectify another costly distraction first. As I have written before, they confuse investing with trading.

Buying or selling shares in a secondary market in itself makes no difference to anything. Equity is permanent capital and for every divestment there must be a buyer — and vice versa. To influence a company you need to own its shares to vote. Exclusion strategies are thus perverse. They are also immoral as you are forcing someone else to own the stocks you exclude. The only “investing” that moves the needle happens in primary markets — venture capital, private equity, direct lending and so on — where actual money is given or withdrawn. Sustainable Finance 2.0 should start here."

“Regardless of shifting political environments, the fact remains that the only credible way for financial institutions to meet their long-standing net-zero commitments is to rapidly phase out fossil fuel financing and scale up funding for clean energy solutions. While voluntary industry alliances like the NZBA play an important role, membership has never been the true measure of a company’s climate progress. What matters most is the strength of a company’s policies and targets, and transparent adherence to them.

If Wall Street banks acquiesce further to climate denier politicians and fail to follow through on their climate commitments, it will isolate the US on the global stage, and the enormous costs will fall upon our global economy, financial markets, and vulnerable communities. Ultimately, it’s up to banks’ regulators, shareholders, and clients — including state and local leaders — to hold them accountable.”