Leaders of the finance sector remain under scrutiny after announcing a series of new commitments to evaluate and reduce the environmental impacts of the companies they support. Although JPMorgan Chase and BlackRock have committed to take climate action, the scale of these commitments is sorely lacking.

Last month, BlackRock acknowledged that the agribusiness industry is linked to increased greenhouse gas emissions, illegal deforestation, biodiversity loss, and improper waste and water management, and can also negatively impact "social factors" including land rights, indigenous rights, workers' rights, and more. These are important steps that influence the entire finance industry, but they don't go far enough.

Without specific guidelines for how these risks will be measured and addressed, these statements are just lip service.