Category: Campaign Updates
National Trust bosses to challenge bankers on fossil fuel support
The National Trust, a big customer of Barclays, has agreed to put pressure on the bank to reduce its fossil fuel funding, following unprecedented support by tens of thousands of National Trust members at their annual general meeting last week.
Exposed: HSBC’s green finance is not green. At all.
HSBC lends billions of dollars to fossil fuel companies, every year. And it’s creating a headache of their own making.
Last week, HSBC was caught out by the UK ads regulator for greenwashing, and forced to come clean about its cosy relationship with the world’s worst fossil fuel companies.
BREAKING: HSBC caught greenwashing by ad regulator
This is huge. HSBC is the first bank in the world to be found guilty of greenwashing by an advertising regulator. And it’s all over the headlines: FT, Bloomberg, WSJ, Times, Telegraph, Guardian, Daily Mail, BBC and more.
Citi had a terrible week
Citi is the second biggest funder of fossil fuels in the world. Citi lends billions of dollars to the fossil fuel industry destroying the planet. And it’s why Citi got caught out twice last week:
- Jane Fraser (Citi CEO) got a roasting from US Congress for continuing to bankroll Putin’s fossil fuel companies.
The National Trust loves nature. But its bank doesn’t.
There’s no doubt, the National Trust cares for “nature, beauty and history” across the UK and Europe. But their work is being undone by their bank, Barclays.
Barclays is secretly piling BILLIONS of dollars into fossil fuel companies.
New ShareAction report exposes greenwashing
Big banks being exposed…again. A new report from ShareAction shows that HSBC comes at the top of the ranking for investments in oil and gas expansion.
Citi outpaces peers, but fails crucial test on climate
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.
We’re pushing HSBC to phase out coal
The pressure is working. A campaign led by ShareAction is forcing HSBC to phase out coal. It’s not perfect given the urgency of the crisis and there’s a way to go.
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.