News

This is one of the biggest meltdowns of a fossil fuel giant you’re likely to see, and it’s making headlines faster than papers can print it.

Adani is a gigantic Indian fossil fuel company.

Rule number one of banking school, don’t upset Stephen Fry.

Why is Stephen angry?!

A tonne of celebrities (including Stephen 🍳) and thousands of people across the country are sending a powerful message to the UK’s big 5 banks.

Right now, staff at Citi and Barclays are confidentially speaking out about the bank’s on-going funding of fossil fuel companies, and the banks’ tiny funding of renewables. To join your colleagues and speak out, email [email protected] or send a secure signal message to +447818822876 now.

The big four US banks have reported fourth quarter results that reveal  just how difficult the economic environment is with hyperinflation, high interest rates and dire energy security. But they also show a failure by the banks to take advantage of a grinning gift horse.

An explosive investigation, led by the Bureau of Investigative Journalism, on the front page of the Times Business section revealed last week that HSBC lent a huge amount of money to a German utility company that is currently *expanding* one of its coal mines, shortly after HSBC pledged not to fund coal expansion.

This is massive. Thanks to pressure from thousands of people, HSBC is going to stop lending money to new fossil fuel fields, anywhere in the world. That means that any fossil fuel company that wants to drill for new oil, or dig for new gas, will not get a loan for it from HSBC.

Coal is the most damaging fossil fuel. So a sustainable bank would want to make sure it’s not funding coal extraction right? Well, US bank Citi is a massive funder of coal companies.

Across the country, hundreds of people are doing actions outside Barclays branches. Why Barclays? Well, it’s because Barclays is lending billions of pounds to fossil fuel companies. Those are the same fossil fuel companies making huge profits by drilling for oil and increasing emissions.

Citi is 2nd biggest funder of fossil fuels of any bank in the world. And now, a new report is exposing Citi as taking the #1 spot for fossil fuel expansion in Africa.

Activists from the anti-fracking fight came to the UK to meet major banks face to face. You might be wondering why they travelled thousands of miles to meet major banks.

Note: RBC staff are speaking out about the billions of dollars RBC is continuing to lending to fossil fuel companies. If you want to speak out too, take this short survey, or email [email protected].

It’s that time again for governments and big finance to discuss their way out of the climate crisis. It’s COP27 time. COP is traditionally littered with empty promises, backroom wrangling, and an ocean load of greenwashing.

The pressure is working. Three amazing announcements have come out in the last week that are direct results of years of pressure from amazing work done across the climate movement.

The co-chair of the world’s largest “green alliance” of banks, Mark Carney, has tried to put a brave face on the failings of banks in addressing the climate crisis. But during cross-examination at the UK parliament’s environmental audit committee this week, the cracks showed.

Caught greenwashing red-handed?

Canada’s largest bank is having a pretty awful week. RBC is now being investigated by a federal agency over alleged ‘greenwashing’, which is vindication for campaigners who have been saying this for literally years.

Bloom and Wild is a huge UK-based flower delivery company. They’re one of the most sustainable…if you completely ignore their choice of bank. Bloom and Wild bank with Barclays.

The Royal Bank of Canada is funding climate change, all on the watch of its CEO – Dave McKay. RBC is the 5th worst bank in the world (and the worst in Canada) for lending money to fossil fuel companies.

Here’s three things that are true:

1. There’s no question, coal is the dirtiest fossil fuel, pound for pound. It releases more damaging substances into the air than oil or gas.

The Royal Bank of Canada is Canada’s biggest bank and the 5th biggest funder of fossil fuels in the world – that’s $201.229 billion since 2016. A new report from Greenpeace Canada says that RBC’s terrible record is enough to get it (and other large Canadian banks) thrown out of the UN’s Net Zero club, which would be a serious hit to their reputation.

Wednesday 24th was an important date. It marked 6 months since the start of the war and Ukrainian independence day. That’s why on Wednesday, thousands of people came together around the world to demand that banks like HSBC and Citi cut all financial ties with Putin’s Russia.

If you work for HSBC, join your colleagues and have your say in the confidential staff survey now: https://rp38jmcm937.typeform.com/hsbc-russia

HSBC is propping up Vladimir Putin’s war in Ukraine.

(Updated on Friday August 19th to include link to letter to Citi CEO)

Citi are propping up Putin’s war. Here’s how:

Citi is a giant US bank, and its involvement with the Russian economy – and Putin – is the largest among all US banks.

The Ukrainian government is accusing four major banks of war crimes for their continued funding of business with Russian fossil fuels. Citi, HSBC, JP Morgan and Crèdit Agricole are lending billions of dollars a year to fossil fuel companies.

Here’s the press release with all the major facts and figures you need:

New research shows that underwriting coal, oil & gas bonds is a glaring loophole in banks’ net-zero targets

• Banks have underwritten $2.7 trillion worth of coal, oil and gas bonds since the 2015 Paris climate agreement.