Banking

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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

Central banks accused of dawdling on climate as world burns

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 […]

August 26th

The Good, the Bad and the Urgent: MDB Climate Finance in 2020

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 […]

July 29th

Paris Climate Agreement: First round of 9.5 biennial communications offer essential — and imperfect — climate finance information

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 […]

July 14th