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.
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.
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.
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.
Organizations urge a climate policy framework to protect and prioritize redlined communities
WASHINGTON, DC — The Financial Stability Oversight Council (FSOC) today announced that the Office of Financial Research has launched a new Climate Data and Analytics Hub pilot program, “a new tool to help financial regulators assess potential risks to financial stability stemming from climate change.”
Institutional Investors Group on Climate Change reveals banks in North America, Europe, and Asia are failing the climate goals of the Paris Agreement
Annual shareholder engagement report shows fewer votes on environmental, social proposals this year
WASHINGTON, DC — Treasury Secretary Janet Yellen told reporters in Bali on Saturday that the Financial Stability Oversight Council (FSOC) is "not really a direct tool to address climate change.” This directly contradicts earlier commitments made by Yellen and the Biden administration to address the systemic risk that climate change poses to the economy.
Morgan Stanley, Goldman Sachs tout inclusion in Banking on Climate Chaos report in response to inquiries on fossil fuel financing
Today’s findings from the International Energy Agency’s latest energy investment report demonstrate how increasingly out of touch the financial industry is with the reality of what’s needed to achieve its own climate commitments.
70+ groups, nearly 15,000 Sierra Club members submit comments supporting federal agency’s draft rule requiring publicly traded companies to acknowledge greenhouse gas emissions, climate-related financial risks