Banks and financial institutions were too slow to act. Even in the face of Ukrainian tragedy. They dragged their feet pulling their money out of Russian fossil fuel companies – the same companies funding Putin’s invasion.
The Putin100 are the 100 global financial institutions across the world propping up Putin’s war machine with investments, insurance and financing for Russian fossil fuel companies. These companies are helping to fund Putin’s illegal invasion of Ukraine: https://putin100.org/
The pressure is working to get these institutions to pull out of the Russian fossil fuels funding Putin.
Frontline New York residents are taking over a section of Citi HQ in time for “Investor Day”, a day when hundreds of Citi’s super rich investors are getting together. They are raising objections to Citi’s massive investments into fossil fuel expansion and its huge exposure to the Russian economy, especially the energy sector
Citigroup is the second largest funder of the fossil fuel industry among all banks worldwide, the largest US backer of the coal industry, and it has the most invested in Russian fossil fuels of any US bank.
The people of Ukraine are being subjected to a brutal and illegal invasion perpetrated by the Russian military. And Putin is paying for it using all the profits he’s making from Russia’s biggest fossil fuel companies.
For months HSBC has been telling us to hold 22 February in our diaries. This is the date it was planning to publish its targets for reducing the billions of dollars it is pouring into oil and gas companies, who are fuelling the climate crisis.
RBC is funding some seriously damaging fossil fuel projects. They’re trampling on Wet’suwet’en and Ojibwe land (among others). They’ve invested C$208 billion into fossil fuels since the Paris Climate Agreement was signed.
It’s hypocrisy. Out in the open. For everyone to see.
HSBC and Standard Chartered are both in the Net Zero Banking Alliance – a group of banks committed to reducing their fossil fuel investments.
Citibank, the global fossil fuel industry’s second biggest funder, is responding to pressure from thousands of us and making moves on climate. It’s now ahead of other banks like JP Morgan, Morgan Stanley, and Goldman Sachs on climate.
Goldman Sachs just released updated policies to try and tackle their investments in dirty fossil fuel projects. And they’re riddled with loopholes. They don’t outline anything to do with reducing greenhouse gas emissions and they’re massaging the numbers to make it look good (by using ‘intensity’ rather than ‘absolute’ targets).
This is huge. Some of the biggest banks and oil companies in the world are backing the Cambo oil field which is set to extract 170 million barrels of oil over 25 years, and 53.5 billion cubic feet of gas.
Breaking: UK government has given fossil fuel industry £13.6bn in subsidies since signing the Paris Agreement
The UK government keep saying they want to lead the way on climate change. And yet here they are, handing over £14bn in tax-payer’s money in tax -breaks to massive oil and gas companies.
President Biden has announced Jerome Powell for a second term as Chair of the Federal Reserve. And that’s bad news for the climate. The Federal Reserve is the US’s central bank.
Coming out of COP26, several banks announced commitment to net-zero by 2050. They sound good, but unfortunately the announcements left enough wiggle room for many banks to continue “business as usual.” Years of people power leading to COP resulted in some of the world’s largest financial institutions finally acknowledging their outsize role in fueling climate change.
HSBC are part of the net zero banking alliance (NZBA) – a group of banks committing to reaching net zero carbon emissions by 2050. But they’re showing their true colours.
Standard Chartered is one of the banks committing to net-zero by 2050. And recently they’re flexing their green credentials by laying out more strategy for how to reach that target – which will be put to a vote to shareholders at the bank’s 2022 AGM.
And today, Carney is announcing that GFANZ now has $130 trillion dollars committed to net zero. But these huge commitments are a mile wide and an inch deep.
Many of the world’s worst fossil fuel financiers are in GFANZ.
Central banks help to set the rules for how the economy works. And no central banks are more important than those of the G20 countries, who are responsible for the vast majority of global emissions.