Banking

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Big banks turn back climate resolutions – Short term ‘profit over people and our planet’

Activists on Tuesday lamented their failure of various climate and Indigenous rights resolutions at the annual shareholder meetings of some of the nation’s biggest banks, with one campaigner accusing the financial institutions of prioritizing “profit over people and our planet.” By Brett Wilkins Common Dreams Just 10% of Citigroup shareholders and 7% of those owning […]

April 26th

Shareholders vote TODAY on climate and indigenous shareholder resolutions at Citi, BofA, Wells Fargo

Today, April 25, shareholders at Citi, Wells Fargo, and Bank of America – the second, third, and fourth largest global funders of fossil fuels, respectively – will vote on climate and Indigenous rights resolutions at their annual shareholder meetings. These three banks have provided over $789 billion in financing to fossil fuel companies since 2016. […]

April 25th

Instead of a climate realist, Biden appoints a Wall Street exec to head World Bank

U.S. President Joe Biden on Thursday nominated a private equity executive and former Mastercard CEO to lead the World Bank, drawing furious backlash from climate and anti-corruption campaigners who said the pick would ensure the key global financial institution remains a tool of corporate interests and funder of climate chaos. By Jake Johnson Common Dreams Ajay Banga’s […]

February 26th

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