Société Générale has just published the measures they plan to take to exit the coal sector by 2030 in EU and OECD nations and 2040 for the rest of the world; this follows their announcement of a new coal policy in early July, which is not aligned with a viable climate trajectory (1). These measures do not cover the financing subsidiaries of corporations active in the coal sector. Thus, Société Générale will continue financing some of the world’s biggest coal producers. Reclaim Finance…

Bank intends to reduce financing for coal, oil & gas. No more business with majority coal mining companies from 2025 on. Coal giants like Glencore and RWE could still remain clients. Today, Germany’s largest private sector bank has published fossil fuel policies to reduce its financial dealings with coal, oil and gas companies. Regine Richter, Energy Campaigner at Urgewald, comments: ''Deutsche Bank seeking to limit its fossil businesses is a much-welcomed step forward. From a climate perspective, however, this is still too little,…

The In the Red 2020 pulp and paper policy assessment was originally published in March 2020 on the Environmental Paper Network’s (EPN) website. Since then it has been updated to include policy updates made by banks after its release. The report evaluates the investment policies of 68 major financiers of the pulp and paper industry, benchmarking them against 14 absolute minimum criteria that all financial institutions should require their clients, investments, and business partners to respect in order to reduce social and environmental…

BNP Paribas published its financing policy for mining companies and operators of coal-related infrastructure online (1). It goes further than the one published three weeks ago regarding coal-based electricity producers (2) by excluding companies based on strictly defined criteria. Both policies aim to support the exit from thermal coal in EU and OECD countries by 2030 and by 2040 in other countries but are conditional upon their rigorous and proactive application. Reclaim Finance and Friends of the Earth…

Today, in an announcement reported by Politico, Morgan Stanley announced it would become the first major American bank to track and report the greenhouse gas emissions from its loans and investments as part of the bank’s own contribution to climate change by joining the Partnership for Carbon Accounting Financials. From 2016-2019, Morgan Stanley invested more than USD 91 billion in fossil fuels. The bank and its peers have faced growing pressure from the environmental movement to account for their contribution to the climate…

Following recent divestment advancements, a sixth Indigenous Women’s Divestment Delegation— infused with the spirit of their ancestors and unwavering determination to seek accountability and justice— will meet virtually with representatives from Deutsche Bank on July 16th, 2020. The Delegation will highlight human rights and Indigenous rights violations— sharing data, stories and calls for immediate action toward fossil fuel divestment and support of Indigenous self-determination and a just, clean energy future. Despite…