HUGE WIN! BNY Mellon is cutting ties with the Adani coal mine 🎉

This is a huge victory. US Bank BNY Mellon are one of the biggest banks in the world, and they’re pouring billions into fossil fuels. Now, after years of pressure led by indigenous groups, BNY Mellon are pulling funding out of the giant Adani Carmichael coal mine in Australia.

Santander: Working to fry the planet

New posters are appearing around Glasgow for COP26, calling out Santander’s continued financing of fossil fuels. Since the Paris Climate Agreement in 2015, Santander have poured $34 billion into fossil fuels – and they’re still going.

We’re winning: Bank of England U-turn

This is big. Pressure from all sides is forcing the Bank of England to rethink. They set the rules for how banks can operate in the UK, and now, they’re talking about putting extra charges on banks who are funding fossil fuels.

Huge win 🎉🌳 – giant pension fund divesting billions by 2023!

Incredible work from 350 Netherlands, Fossielvrij, Friends of the Earth International, FairFinance, the Dutch Fair Pension Guide and others! Giant Dutch pension fund ABP is pulling out 15 billion euros ($17.5 billion) of investments in fossil fuel producers by 2023.

Brandalism hitting big banks where it hurts

NatWest is pointing to their green credentials in the run up to COP, but it’s writing loopholes into its policies allowing it to continue funding fossil fuels. NatWest is asking the fossil fuel companies it’s funding to “offset” their emissions, rather than actually cutting them back.

La Banque Postale to stop oil and gas by 2030! 🎉

Lots of major banks are releasing their policies on financing oil and gas ahead of COP26. But none of their plans are enough to meet what is required to avoid further escalation of climate disaster.

The world’s biggest fossil bank JPMorgan Chase weak net zero pledge

After dismissing it, they just announced that they’ll join the Net Zero Banking Alliance. And they’re pledging to reach net-zero emissions (from its lending and investment portfolios) by 2050. 

Shareholders are taking on Standard Chartered

Reaching net-zero by 2050 means no new investment in new coal mines, coal plants, or oil and gas fields. But Standard Chartered is piling cash into new coal plants and coal companies.

Mythbusting fossil finance

Here are some of the main arguments banks used and the arguments for why they don’t stack up.

1) “If we don’t fund coal, oil, gas someone else will just do it”

Banks should be focused on their own responsibility to reduce their financed emissions, not that of their competitors.

Joint letter to Standard Chartered

Dear José Viñals,

We’re writing regarding the anticipated update to Standard Chartered’s fossil fuel policy, as recently reported in the media. This letter is intended to set out our expectations for what that policy should entail in order for it to be regarded as credible and leading practice.

A summer of heat

It has been a devastating year so far of wildfires, floods, and storms across the globe, not to mention the first ever recorded rainfall in the Arctic. July was the hottest month in human history. 

It’s a warning to all board members of banks

They put on an impressive display and demanded shareholders vote out Board Chair, Charles H. Noski, for his oversight in continuing to fuel the climate crisis. 

Wells Fargo has been the world’s third worst banker of fossil fuels since the adoption of the Paris Climate Agreement, with $223 billion in lending and underwriting between 2016 and 2020.

Fridays for Future protest in Frankfurt

Just 6 weeks before the election there, the action is helping set the agenda to show politicians that people want action on climate change and the role of finance is not going to be ignored.

Extinction Rebellion are returning to the streets

The IPCC report has just declared code red for humanity. And a UNICEF report declared over a billion children at extreme risk face a deadly combination of exposure to multiple climate and environmental shocks, UNICEF called the situation “unimaginably dire”.

Taking down Swiss finance: Rise Up for Change

Rise Up for Change represents a coalition of groups from the climate justice movement taking action from 30th July to 6th August. 

Switzerland has one of the largest financial sectors in the world, through which trillions of francs flow into the global economy every year.

No medals for Japanese banks funding fossil fuels

Japan’s banks are among the worst in the world when it comes to funding the climate crisis. Two huge banks – MUFG and Olympic sponsor Mizuho – are in the global top 10 of polluting funders, alongside other big names like Barclays, Royal Bank of Canada and JP Morgan Chase.

Italian banks failing to defund fossil fuels

Fortunately, groups like ReCommon are holding these banks to account and pushing them to do better.

Unicredit

Unicredit is the second largest bank in Italy which, in 2020, adopted an impressive coal policy.

Finance guy leaves Kerry’s climate team after huge outcry

Just over three months ago, Mark Gallogly was brought in to be an advisor to John Kerry, President Biden’s climate envoy. But the appointment was a controversial one.

Kerry has stated that his advisor made invaluable connections with the financial sector to persuade banks and asset managers of the need for climate action.

Giant strawberries give HSBC a grand slam at Wimbledon

Outside the venue, people dressed as giant strawberries to hand out punnets of delicious fruit dripping in HSBC-funded oil. It was part of Fossil Fuel London’s blitz during Wimbledon fortnight to expose what HSBC is really up to.

Investment giants tell banks: stop delaying climate action

No less than 115 investment companies and asset managers have signed the letter – together they represent $4.2 trillion of assets. They’ve targeted banks across Europe, North America and Asia, including HSBC, Barclays, Credit Suisse, JP Morgan, Royal Bank of Canada, and MUFG.

Projection at the G7 summit in Cornwall, UK

Hey G7 leaders, end fossil fuel financing

The message was beamed loud and clear as a set of stunning projections near the summit venue in Cornwall. It was recently revealed that UK banks and financial companies are responsible for more emissions than most countries, so action to curb loans, investments and underwriting in fossil fuel companies is needed more than ever.

A spoof HSBC advert on a bus shelter

HSBC: climate resolution passes, but executives dodge tough questions

The good news is that shareholders voted overwhelmingly in favour of more ambitious policies on financing for coal and other high-carbon industries – the resolution passed with 99.71% of the vote.

Activists dressed as chimney sweeps

Chimney sweeps protest fossil fuel financing

Chimney sweeps were spotted on the streets of London yesterday, as activists protested about pollution caused by some of the city’s biggest institutions. It wasn’t sooty smoke from fireplaces and power stations they were complaining about though, but the carbon emissions generated by investments from the UK’s biggest banks and asset managers.

Lloyds of London

Revealed: scale of UK banks’ contribution to climate crisis

We know that UK banks and asset managers like Barclays and HSBC are fuelling the climate crisis by financing polluting companies. Now new analysis exposes just how much the finance sector is in for.