Over the last 5 years, none of the largest commercial banks headquartered in the United States managed to pay combined federal, state and foreign income taxes at or above just the average federal statutory corporate income tax rate (2017-2021: 24.4%). The average rate paid by these 10 companies was less than 15% with 2 financial institutions, US Bank and Truist, paying an income tax rate less than 10%.

The US federal government has subsidized the American financial services industry, including its biggest banks, to the tune of hundreds of billions of dollars, if not trillions, over the last decade and a half. 'Too big to fail' is still a commonly used descriptor while the country's largest banks have realized their most profitable decade in generations. Despite the largess afforded these largest financial institutions, most can’t quite seem to pay their statutory income tax obligations. Or even pay something close to what they are obliged.


Most big US commercial banks failing to pay statutory federal income tax

Just 2 of the United States’ 15 largest corporate food stores, Walmart and Target, have committed to all 3 major, independent climate initiatives tracked by Spendwell for this ranking. These same 2 companies are the only 2 out of the largest 15 food stores to commit to 100% renewable energy through the RE100 initiative and are 2 of the 4 companies, along with CVS and Albertsons, to fully commit to taking decisive climate change action through Science Based Targets. Two more food markets, Amazon and Kroger, have committed to participating in Science Based Targets, but have yet to actually set any targets through the initiative. The majority of the United States’ 15 largest corporate food stores are not participating in any of the 3 major, independent climate initiatives currently tracked by Spendwell.

<p>Grocery stores and other food markets play a big role in driving the climate emergency, a role that gets far less attention than other industries and sectors. These markets serve as a nexus for food consumption, which means they also serve as a nexus for much of the country’s commercial transportation, personal transportation and industrial agriculture - all of which are leading, negative climate impacts in and of themselves. Despite serving as an effective linchpin in the carbon economy, few major US food markets are taking on leadership roles tackling the climate emergency.</p>

Most large food stores failing to take on climate emergency, climate leadership

Most major e-commerce retailers have made commitment statements about climate emergency action, but only four, Apple, eBay, Target and Walmart, are demonstrating leadership by committing to and participating in all three of the world’s major, independent climate impact initiatives with a commerce focus. Of the 10 largest e-commerce retailers in the United States, 8 actively respond to the annual CDP climate survey, 6 have committed to 100 percent renewable energy through RE100 and 7 have managed to set targets with the all important Science Based Targets initiative. 

<p>During the height of the COVID-19 pandemic, e-commerce retail sales rose <a href="https://unctad.org/news/global-e-commerce-jumps-267-trillion-covid-19-boosts-online-sales">faster and higher than at any other point in history</a>, sending fleets of freighters, jets and trucks crisscrossing the oceans and continents. Largely, sales are still up and so is pollution. The last two years have seen a dramatic increase in the quantity of greenhouse gas emissions from e-commerce retailers, their suppliers and delivery partners. The pandemic also brought with it a dramatic increase in cardboard and other paper-based packaging, certainly pushing the amount of cardboard used for retail packaging well beyond the <a href="https://www.fastcompany.com/40560641/can-online-retail-solve-its-packaging-problem">billion-trees-a-year level</a> reached just prior to the pandemic.</p>

Four major e-commerce retailers ranking better than competitors on climate emergency leadership

Spendwell, inc.

This is embarassing.

disclaimer