Last night, Reuters reported that banks including JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup are planning to take direct ownership of failing oil and gas assets. The banks are reportedly awaiting regulatory waivers in order to move this plan forward. In response, Sierra Club campaign representative Ben Cushing released the following statement:
The latest version of the most comprehensive report on global banks’ fossil fuel financing, Banking on Climate Change 2020, was released today, revealing that 35 global banks have not only been sustaining but expanding the fossil fuel sector with more than $2.7 trillion in the four years since the Paris Climate Agreement.
As Senate Democrats prepare to host a hearing tomorrow on the “Economic and Financial Risks of Climate Change,” activists around the country are busy preparing for a major day of action to protest Wall Street’s ongoing financing of fossil fuels and deforestation.
Wells Fargo has released an update to its environmental policy ruling out funding for oil and gas projects in the Arctic region, including the Arctic National Wildlife Refuge
JPMorgan Chase, the largest bank in the United States, has announced an updated energy policy that rules out financing for new oil and gas drilling in the Arctic, including the Arctic National Wildlife Refuge. The policy also rules out financing for new thermal coal mines and coal-fired power projects worldwide, though the bank failed to put any restrictions on other oil and gas, including fracking and controversial tar sands projects.
This morning, Lloyds Bank, one of the largest banks in the UK, released an updated energy policy that rules out financing for oil and gas operations in Arctic National Wildlife Refuge.
Stop the Money Pipeline, a coalition of dozens of groups dedicated to ending the financing of climate destruction, is announcing a major Day of Action for this April 23, 2020, as part of three days of youth-led Climate Strikes around the 50th Anniversary of Earth Day.
Today, BlackRock, the world’s largest asset manager, announced that one of its fastest-growing sustainable funds will stop investing in tar sands, one of the dirtiest fuel sources on the planet.
Today, after more than a year of increasing pressure from climate activists, investors, legislators, and thought leaders, BlackRock CEO Larry Fink, in his highly anticipated annual letter, announced a sweeping new set of policies which aim to put climate change and sustainability at the center of BlackRock’s business model.
Over twenty people occupied a Chase Bank branch in Washington, D.C. today to kick off Stop the Money Pipeline, a major new activist effort going after the financial industry’s funding of climate destruction.