string(15) "banking-economy" Loading...

Majority of Americans want government to rein in Wall Street’s climate destruction through fossil fuel funding

A new poll released Monday shows that large majorities of voters in the United States want the federal government to bolster its regulation of big banks, insurers, and other financial institutions to prevent climate-driven economic crises. By Kenny Stancil Common Dreams As Common Dreams has reported in the past month, recent studies have shown that Wall Street is a […]

April 13th

The role of the banking industry in financing fossil fuel projects is under increasing scrutiny and opposition

Last week we observed a tweet from Konstantin Kisin getting shared around by a bunch of the usual suspects in denier Twitter. Kisin disapprovingly quote-tweeted a video of a climate protest showing seven women (in suffrage movement colors) protesting Barclay’s position as the biggest financier of fossil fuels in Europe, and seventh biggest in the world, early Wednesday […]

Climate Chaos report pulls back the curtain on the big banks’ love affair with big oil

Authored by the  Indigenous Environmental Network, Rainforest Action Network, BankTrack, Oil Change International, Reclaim Finance, and Sierra Club, this year’s report, titled Banking on Climate: Chaos 2021, expands its focus from 35 to 60 of the world’s largest banks. By Dan Bacher The report documents “an alarming disconnect” between the global scientific consensus on climate change and the continued business practices […]

March 29th

You think clean energy is expensive? Banks have poured $3.8 TRILLION into fossil fuels in past 5 years

A detailed new report released Wednesday morning by a coalition of environmental groups shows that the 60 largest banks in the world have poured more than $3.8 trillion into the fossil fuel industry since the Paris climate accord was adopted in 2015, providing key financing for destructive projects ranging from coal-fueled power plants in Indonesia to Enbridge’s Line 3 tar […]

March 25th

Outcomes and next steps from the Climate Adaptation Summit

The Netherlands hosted the Climate Adaptation Summit (CAS) 2021, marking the first time world leaders gathered at a global event focused solely on adaptation and resilience. As a platform for new commitments and renewed affirmations, CAS served as a key steppingstone to other major climate events throughout 2021, including November’s COP26 in Glasgow. By Manish Bapna […]

February 10th

Under pressure from climate activists, world’s largest insurance market to ditch coal, tar sands, and Arctic projects

Caving to pressure from climate action campaigners, Lloyd’s of London, the world’s largest insurance market, announced Wednesday that it will no longer cover coal-fired power plants and mines, tar sands, or Arctic energy exploration activities from January 2022 onward, with plans to fully phase out such businesses by 2030. By Jessica Corbett Common Dreams  Framing […]

December 19th

Crescent Dunes Solar Energy Project my be fiscally bankrupt, but the WSJ editorial board is intellectually bankrupt

As the voice of a newspaper, the Editorial Board represents an outlet’s opinion, and generally reflects the point of view of its publishers. Consisting of individual editors, columnists and journalists, the Editorial Board, and the editorials it publishes, are sort of a “with our powers combined” embodiment of the newspaper. We only bring this up […]

December 17th

Banks and Financial Firms ‘Gambling Away Our Future’ by Bankrolling Oil and Gas Projects

Five years after the world adopted the Paris climate agreement, global financial institutions have provided over $1.6 trillion in loans and underwriting to multinational fossil fuel firms planning and developing destructive oil and gas projects, a joint report from 18 environmental groups revealed Thursday. By Brett Wilkins Common Dreams Entitled Five Years Lost: How Finance Is […]

December 15th

On climate change, capitalism is starting to read the invisible handwriting on the wall

Last week, the New York state pension system announced it would divest its $200 billion+ from fossil fuels, citing financial risk — rather than climate activism — as the primary motivating factor. When activists first undertook divestment campaigns, the fund’s managers were skeptical of moving their millions of public employees’ retirement funds. By Climate Denier Roundup  […]

December 14th

Federal Reserve finally applies to join climate network for central banks (acknowledging Biden won?)

In a decision seen by some as a subtle acknowledgement of President-elect Joe Biden’s victory even as President Donald Trump still refuses to concede, the Federal Reserve has applied to join what Bloomberg called “the climate change club for central banks,” a group that requires participation in the Paris climate agreement. By Jessica Corbett Common Dreams “We have requested membership. […]

November 12th