UUCEF Works with Union of Concerned Scientists to Raise Climate Risk Questions at Major Financial Institutions
As part of its commitment to active ownership and responsible investing, the UU Common Endowment Fund (UUCEF) partnered with the Union of Concerned Scientists (UCS) to support shareholder engagement at the 2026 annual meetings of Wells Fargo, JPMorgan Chase, and BlackRock. Through this collaboration, UCS representatives raised questions on behalf of concerned investors regarding climate-related financial risks, fossil fuel financing, and the long-term economic impacts of climate change.
Recent research in Banking on Climate Chaos 2026 report, found that the world’s 65 largest banks provided $906 billion in financing to fossil fuel companies in 2025. Particularly notable was a 27% increase in financing for fossil fuel expansion projects, even as some banks reduced their overall exposure. The report also finds that fossil fuel financing is becoming increasingly concentrated among a relatively small group of major banks and energy companies, highlighting the growing importance of stewardship, engagement, and capital allocation decisions in shaping the energy transition. At the same time, UCS has highlighted growing concerns that recent rollbacks of climate-related financial disclosure and risk-management requirements could make it more difficult for investors and financial institutions to evaluate the physical, transition, and legal risks associated with climate change.
In responding to UCS and other shareholder questions, executives at Wells Fargo, JPMorgan Chase, and BlackRock generally deferred by emphasized themes of “client choice”, the need for “energy security”, and to support a “broad mix of energy sources”. Company leaders argued that their role is to serve clients with differing objectives and finance both traditional and renewable energy development. “The responses underscore a common industry theme where financial institutions are abdicating their responsibilities to manage climate-related risks and opportunities that in many cases their own activities contribute to.”
For UUCEF investors, these engagements are fundamentally about climate justice, transparency and risk management. Shareholder advocacy plays an important role in today’s investment environment by providing a mechanism for investors to ask questions, encourage disclosure, and change behaviors, though it is clearly under attack by the current administration. Regardless, active ownership remains an important complement to investment selection in helping investors live their values through their investment activities, and the UUCEF remains active in this area.