fossil-free-finance

Global Financial Alliance Must Ensure Credible Net-Zero Plans After Severing Ties with UN Campaign

Sierra Club calls on GFANZ to stay committed to robust, science-aligned policies after initiative drops requirement for its members to follow Race to Zero’s criteria

El Valle del Río Grande en Peligro Debido a Terminales de Gas Fósil

El Sierra Club y la Rainforest Action Network han publicado un reporte sobre los riesgos para el Valle del Río Grande de dos propuestas de gas fósil y un gasoducto subsidiario.

Local Climate Advocates Respond to Missouri Treasurer’s Move to Cut Ties with BlackRock

Sierra Club state chapter calls the move the “latest flavor of climate denial”

Report: Rio Grande Valley in Texas at Risk from LNG Export Terminals

Sierra Club, Rainforest Action Network analysis details community & Indigenous opposition, climate & health impacts, ecosystem damage, reputational & financial risk

Advocacy Groups Urge Global Asset Managers to Align with UN Net-Zero Guidelines

WASHINGTON, DC — Today, the Sierra Club and a global coalition of 23 advocacy groups sent an open letter to the Net Zero Asset Managers Initiative (NZAM) urging the initiative to update expectations for its members to reflect the latest Race to Zero criteria on net zero.

Local Climate Advocates Respond to Louisiana Treasurer’s Move to Cut Ties with BlackRock

BATON ROUGE — Today the Louisiana state treasurer announced plans to cut ties with major asset manager BlackRock and withdraw nearly $800 million in state money from the firm due to its stated sustainability policies. The move puts Louisiana in a similar position to other Republican-led states, including Texas and West Virginia, who cut off some business with the asset management firm over its position on environmental, social, and governance (ESG) issues.

Federal Reserve’s Climate Pilot for Banks a Promising Start in Effort to Rein in Wall Street’s Risky Behavior

Agency to launch climate scenario analysis exercise in early 2023

Sierra Club Responds to Threats from US Banks to Leave Global Net-Zero Alliance

Media outlets reported today that major US banks are threatening to leave the Glasgow Financial Alliance for Net Zero (GFANZ) over concerns that updated criteria around financing of new fossil fuel projects may make the banks vulnerable to legal challenges from fossil fuel-aligned politicians. 

Global Coalition Calls on Banks to Raise the Bar on Net Zero

A global coalition of advocacy nonprofits including ShareAction, BankTrack, Reclaim Finance, and the Sierra Club have written to the UN Environment Programme Finance Initiative (UNEP-FI) and the Net Zero Banking Alliance (NZBA) steering committee, urging NZBA members to restrict their financing of fossil fuel projects, including coal, in order to align with the recently strengthened Race to Zero criteria. Read the letter here.

Texas Comptroller’s Climate Denying Publicity Stunt Will Be Costly for Taxpayers

Today, Texas Comptroller Glenn Hegar announced a list of financial companies whose financing practices supposedly “boycott” energy companies. The list includes companies like BlackRock, who are major funders of fossil fuels.

SEC Takes on Mutual Fund ‘Greenwashing’ with New Transparency Rules

As the Securities and Exchange Commission (SEC) closes a comment period on two proposed rules that would create a standard framework for funds classified as environmental, social, and governance (ESG), advocacy groups today called on the agency to adopt stricter standards for the fastest-growing investment asset sector in the world.

Community Reinvestment Act Regulatory Update Offers Opportunity to Address Climate Crisis

Organizations urge a climate policy framework to protect and prioritize redlined communities