Banking

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Shareholder resolutions push big banks to phase out fossil fuel financing

Taking aim at Wall Street banks financing the oil, gas, and coal extraction fueling the climate crisis, a coalition of institutional investors on Tuesday announced the filing of climate-related shareholder resolutions in an effort to force “more climate-friendly policies that better align with” the firms’ public commitments to combating the planetary emergency. By Brett Wilkins […]

January 31st

Climate Arsonists: Despite net-zero pledges, Wall Street continues to pump billion$ into fossil fuels

Top banks in the United States and around the world have made a show of embracing net-zero emissions pledges, portraying themselves as allies in the fight against the global climate emergency. But a new analysis published Tuesday by a group of NGOs makes clear that the world’s leading financial institutions—including major Wall Street banks such as Citigroup, JPMorgan […]

January 26th

Federal Reserve gingerly begins to take climate action – next year

In his first public speech as Vice-chair for Supervision at the Federal Reserve Board of Governors, Michael Barr announced last week that the Federal Reserve would take its first steps to require financial institutions to assess how their long-term financial position could be impacted by the physical harms of climate change and the economic transformation […]

September 12th

Wall Street climate promises: The good, the bad, and the oh-so-very ugly

You could be forgiven for thinking that Wall Street has experienced a climate epiphany. Bank of America brags about its environmental credentials; Citigroup’s new CEO announces on her first day that achieving net-zero emissions is a top priority. The onslaught has convinced many in even the left-leaning media that Wall Street will lead the way to a better, greener version of capitalism. […]

June 19th

Climate Data: Governments are STILL investing in more fossil fuel infrastructure instead of solar, wind

A new online tool launched Wednesday by a U.S.-based advocacy group details how international public finance is continuing to fuel the climate emergency rather than sufficiently funding a just transition to clean energy. By Jessica Corbett Common Dreams Oil Change International (OCI) unveiled its Public Finance for Energy Database—accessible at energyfinance.org—along with a briefing that lays out key findings, why the […]

April 21st

‘Net-Zero’? Europe’s top banks have pumped $400 billion into oil and gas since 2016

Scientists have warned repeatedly that avoiding the most catastrophic consequences of the climate crisis requires a rapid and just transition away from fossil fuels, and yet the largest 25 European banks—all purportedly committed to “net-zero” goals—have provided more than $400 billion in financing to 50 corporations expanding oil and gas production since 2016, with no signs of slowing down. By Kenny […]

February 15th

Climate chaos causes financial instability

The Financial Stability Oversight Council warned about the risk climate change-driven extreme weather poses to the financial system for the first time in its annual report to Congress last month. “Increased frequency and severity of acute physical risk events and longer-term chronic phenomena associated with climate change are expected to lead to increased economic and […]

January 3rd

‘Alarming’: ALEC’s new model bill would PENALIZE banks for divesting from fossil fuels

Progressives are sounding the alarm about a recently launched right-wing campaign that seeks to preempt green investment policies throughout the United States by portraying the financial sector’s potential turn toward clean energy as discriminatory—and introducing legislation that would punish banks and asset managers for divesting from fossil fuels.   By Kenny Stancil Common Dreams The Koch-funded American […]

December 9th

Stop the Money Pipeline: Activists tell banks ‘Stop funding climate chaos and injustice’

Climate justice advocates suspended fellow activists from 15-foot-tall tripods in Toronto’s financial district on Tuesday, blocking entrances to the Royal Bank of Canada’s corporate headquarters as part of a campaign to pressure the nation’s five biggest banks to “stop funding climate chaos and injustice.” By Kenny Stancil Common Dreams “Bankers’ business-as-usual… is destabilizing the climate, destroying biodiversity, and violating Indigenous […]

December 8th

COP26: Markey-Merkley bill would block big banks from throwing money at more fossil fuel projects

As the ongoing COP26 climate summit draws attention to the financial institutions that enable fossil fuel companies to keep wrecking the planet, a pair of progressive U.S. senators on Friday introduced a bill that would force big banks to stop pouring money into the destructive industry. By Jessica Corbett Common Dreams The Fossil Free Finance Act, sponsored by […]

November 8th

In face of planetary emergency, US climate-related Financial Risk Report denounced as ‘Pitiful Failure’

After months of waiting, environmental groups responded with disappointment tinged with outrage late Thursday after the White House released a report on the financial risks associated with the climate crisis—a document critics say would have been promising at some earlier point in history but that falls “pitifully” short given the urgency of the crisis and just […]

October 26th