Despite needing to “play a critical role in catalyzing the rapid shift of financial flows away from oil, fossil gas, and coal,” 12 major central banks “have instead tinkered at the edges,” according to a report released Tuesday. By Jessica Corbett Common Dreams The new analysis (pdf) from two dozen advocacy groups including Oil Change International (OCI) examines financing and policies of […]
In the wake of publication of the Intergovernmental Panel on Climate Change report underscoring the imperative to quickly transition to a post-fossil fuel economy, activists in dozens of cities across the U.S. on Friday rallied outside the offices of major banks to denounce their funding of polluting projects including Enbridge’s Line 3 tar sands pipeline. By Brett […]
In Germany and other parts of western Europe, floodwaters recently destroyed villages and wide swaths of farmland. It was the worst flooding the area had seen in decades. The death toll was nearly 200 people. German Chancellor Angela Merkel used apocalyptic terms to describe what she saw during her visit to the flood zone: “Terrifying.” “Ghostly.” “War […]
Multilateral development banks (MDBs) play an important role in financing developing countries’ efforts to reduce emissions and protect against the effects of climate change, and 2020 was a critical waypoint for MDB climate finance. For one, it marked the due date for the climate finance targets many MDBs set in 2015. 2020 was also the […]
Developing countries rely on the availability of climate finance for their enhanced adaptation, as well as their mitigation actions and plans. As a result, finance communications based on forecasts — or ex-ante climate finance — should help developing countries understand what financial support to expect from developed countries. This information better enables countries to plan […]
Amazon Watch and Stand.earth revealed Thursday that major European and U.S. banks are at high risk of funding corruption, environmental harms, and human rights violations in the Amazon basin—along with exacerbating the climate emergency and escalating deforestation—due to their relationships with fossil fuel companies and traders. By Jessica Corbett Common Dreams The advocacy groups’ new report, […]
The International Monetary Fund (IMF) annually assesses the economic health of its 190 member countries, making recommendations to address macroeconomic and financial challenges through surveillance processes referred to as Article IV surveillance. By Valerie Laxton and Lauren Sidner World Resources Institute On May 25, the IMF — charged with securing economic stability and effective operation of the international monetary system […]
The climate crisis will affect every aspect of our society—the financial sector very much included. We no longer live in the stable climate that our economy was built upon. In fact, economists and major investors warn that the climate crisis already poses a systemic risk to our financial system. By Michael Brune Sierra Club The […]
In an effort to hold the United States’ development bank accountable for financing “climate-damaging” international projects, a trio of environmental organizations filed suit Wednesday over the Trump administration’s attempt to exempt it from a key federal government transparency law. By Jessica Corbett Common Dreams Congress passed the Better Utilization of Investments Leading to Development (BUILD) […]
“We are awarding Chase with the 2021 Greenwashing Award as they have truly gone above and beyond this year, creating an innovative, never before seen form of greenwashing,” said Stop the Money Pipeline coalition coordinator, Alec Connon. Following the release of JPMorgan Chase’s 2030 climate targets, people around the country will be delivering the “2021 Greenwashing […]
In October of last year, JPMorgan Chase, the world’s largest funder of fossil fuels, announced that it was going to align its business model with the Paris Agreement. The pledge came only after years of campaigning by activists and was widely welcomed. The most exciting part of the announcement was Chase’s promise to release 2030 climate targets. […]
First the good news: The technology needed for a carbon-free economy in every country in the world already exists. It is affordable, most of it will make our lives better, and making that transition rapidly would cost less than cleaning up the disasters anticipated by inaction on climate. By Cynthia Kaufman Common Dreams Now the […]
The recent 2021 World Bank Group/International Monetary Fund spring meetings took place during challenging times. The COVID-19 pandemic has caused loss of life and exacerbated global poverty and inequality, while draining governments resources. Meanwhile, the impacts of climate change are starting to be felt on a broad scale, resulting in the loss of homes, crops […]
A coalition of progressive groups on Thursday urged President Joe Biden to appoint “a real climate leader” to head the Federal Reserve. “You can’t consider Fed leadership without asking how it’s doing on the biggest risk to the financial system—the climate crisis,” David Arkush, Climate Program director at Public Citizen, said in a statement. By Andrea Germanos Common […]
On May 7, 2021, activists around the country will organize actions & protests at the branches, offices and headquarters of the banks funding Line 3. There are two ways that you can get involved: Find an action near you, and RSVP to attend. Can’t find an action near you? Organize one! We’ve created this Organizers’ Toolkit & […]