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Forum > Hydrocarbon Industry Skullduggery
New Fossil Banks No Thanks
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AGelbert:
New 🦖 Fossil 😈 Banks No Thanks platform launched
BankTrack, May 17, 2021
BankTrack has launched www.fossilbanks.org, a new campaign platform that brings together organisations and campaigns from all over the world pressuring commercial banks to stop financing the 🦖 fossil fuel industry. The Fossil Banks No Thanks platform aims to present the global resistance to bank financing for fossil fuels. It features a Global Call on Banks to stop financing the fossil fuel industry, which on the launch of the website is already supported by 50 organisations from 19 countries.
Furthermore, the website on its launch already showcases 29 organisations and campaigns from 11 countries that are actively campaigning against fossil banks, a number that is expected to grow significantly over the next few months.
Read more:
AGelbert:
MAY 2021
Banks in this digest 👉 Barclays Deutsche Bank FMO HSBC JPMorgan Chase MUFG SMBC Standard Bank Standard Chartered
Dear Anthony,
Welcome to BankTrack’s May news digest. It has, of course, been a momentous month for the oil and gas industry. First, the IEA’s Net Zero scenario reinforced what civil society groups, based on rigorous research, have been saying for years - there is no room for new oil and gas if we’re going to head off a climate catastrophe. For banks, financing fossil fuel expansion has now become indefensible.
Then May 26th - the day Shell was hit by a court ruling ordering it to reduce its emissions by 45% before 2030, and Chevron and Exxon were brought to heel by activist investors - maybe one of the worsts day in Big Oil’s history, and a day in which the Paris goals felt tangibly closer.
At BankTrack, following months of preparation, we launched our new Fossil Banks No Thanks platform on May 17th. The campaign platform brings together organisations and campaigns from all over the world to present the global resistance to bank financing for fossil fuels. The platform already features 33 groups and campaigns actively working to stop bank finance for fossil fuels, and 85 groups from 27 different countries showing their support for our Global Call on Banks.
May also saw several bank shareholder meetings (AGMs) at which activist shareholders including BankTrack raised questions about banks’ fossil fuel financing and human rights practices. To highlight two examples, at the start of the month, Barclays faced a shareholder resolution on fossil fuel finance and questions from us on its support for illegal settlements; and at the end of the month Standard Bank faced a barrage of questions on fossil fuels in general and the East African Crude Oil Pipeline in particular, while protesters gathered in front of the bank’s headquarters and elsewhere.
Also this month, BankTrack and 23 other organisations sent an open letter to 55 banks globally, calling on the banks to take concrete action to help protect biodiversity and safeguard the rights of Indigenous and local communities ahead of the UN Biodiversity Conference in Kunming in October.
Finally on 27th May, BankTrack together with Justice for Myanmar published new research exposing nine international banks that hold shares worth over US$24 billion across 18 companies affiliated with the military junta and its conglomerates in Myanmar.
With best wishes,
The BankTrack Team.
https://www.banktrack.org/article/banks_called_upon_to_take_action_to_protect_biodiversity_ahead_of_un_biodiversity_conference_in_kunming
AGelbert:
August 2021 Digest
Dear Anthony,
The publication of Part One of the IPCC’s Sixth Assessment report at the beginning of August sends yet another clear warning ahead of the Glasgow climate summit: we don't have another decade to waste, and only rapid and drastic reductions in greenhouse gases in this decade can prevent climate breakdown. The IPCC warns that temperatures are likely to rise by more than 1.5C, bringing widespread extreme weather. As climate catastrophes continue to be more and more frequent in every corner of the globe, banks are, however, far from taking the action needed to avoid climate collapse.
This month we learned Deutsche Bank, JPMorgan Chase, and Standard Chartered participated in a massive USD 1 billion loan to Adani Enterprises, a subsidiary of the Adani Group, which is building what would be the biggest coal mine in Australia, the Carmichael thermal coal project.
This project would add billions of tonnes of CO2 into the atmosphere, destroying the land and culture of the Wangan and Jagalingou people, increasing shipping through the Great Barrier Reef, and opening up the Galilee Basin.
Meanwhile, the world's biggest carbon sink is crossing the tipping point: according to scientists, the Amazon rainforest now emits more carbon dioxide than it absorbs. And the best guardians of the forest, Indigenous Peoples, are under serious threat. This month, the Forests & Finance coalition warned investors about the risk and the irreversible consequences of the anti-environment and anti-social legislative agenda in the Brazilian Congress in a letter sent to 80 financial institutions.
Also in this month's newsletter, bank ties to companies supporting the military junta in Myanmar are deeper than first thought. And a new dodgy deal on Okavango oil & gas drilling in Namibia & Botswana, affecting a biodiverse area that is home to Africa's largest remaining population of savanna elephants and other threatened megafauna species.
With best wishes,
The BankTrack Team.
Read more: Banks break promise and loan US$1 billion to Adani coal miner
Forests & Finance Coalition warns foreign investors
East African Crude Oil Pipeline: new update on risks
Central banks still fueling climate crisis
Oil Change International, Aug 24, 2021
Central banks could play a critical role in catalyzing the rapid shift of financial flows away from oil, fossil gas, and coal. However, to date, central banks have instead tinkered at the edges, a new report by Oil Change International finds. Read more...
AGelbert:
BankTrack
Sept 23, 2021
These 60 banks together provided over US$ 3.8 trillion to the fossil fuel industry between 2016 and 2020, with nearly US$ 1.5 trillion going to support the top 100 companies still expanding fossil fuel production and infrastructure.
🦖💰 Fossil Banks No Thanks demands banks commit to end fossil fuel finance before Glasgow Climate Summit
Banks must announce concrete steps to end their support for the coal, oil, and gas industry ahead of the Glasgow Climate Summit (COP26), or bear direct responsibility for the further escalation of the climate crisis, says an open letter sent this week by BankTrack and partners, with backing of 210 groups globally.
The letter, sent to the CEOs of the world’s largest 60 banks, calls on bank leaders to show personal courage and leadership in steering their institutions away from fossil fuels.
Read more:
AGelbert:
October 26, 2021
😈 Equator Banks involved in 💵 financing at least 200 🦕 fossil fuel projects since Paris BankTrack research sheds new light on finance for 🦖 fossil fuels by Equator banks SNIPPET:
[the Principles] continue to allow for finance for fossil fuel projects… from coalfired power plants to new oil extraction and pipeline projects
Detailed Report with Executive Summary
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