Banking

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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

Climate activists target banks’ greenwashing in nationwide #DefundLine3 protests

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 […]

August 17th

Will recent extreme weather spur more climate finance from wealthy nations?

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 […]

August 7th

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

With Amazon Rainforest at ‘tipping point,’ Big Banks told to end fossil fuel financing

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, […]

July 10th

Can Climate Change the IMF?

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 […]

June 25th

Can Biden break Big Banks’ bond with fossil fuels?

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 […]

June 10th

Green groups sue US development bank financing climate-damaging infrastructure projects overseas

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) […]

June 3rd

Stop the Money Pipeline presents JPMorgan Chase branches with “2021 Greenwashing Award”

“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 […]

JP Morgan Chase is greenwashing on fossil fuel funding. It’s time to stop the money pipeline!

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. […]

Who Funds the Climate Crisis?

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 […]

5 Ways the World Bank’s Climate Action Plan Could Go Further

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 […]

Why is the Federal Reserve funding climate destruction? And can the next Fed Chair stop it?

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 […]

May 15th

Fri May 7: A day of action to stop funding for the climate-killing Line 3 Pipeline

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 & […]