At public hearings in US Congress on 19 September congressman Brad Sherman directly questioned JP Morgan CEO Jamie Dimon and Citigroup CEO Jane Fraser about continued business of their banks with Russian fossil fuel companies and traders, including Gazprom, Lukoil and Vitol. Both CEOs failed to give definitive answers on whether or not they cut business ties with Russia, trying to evade direct answers. However, from CEO statements it became clear that both banks continue to do business with Russian companies, who contribute to funding Putin's military aggression. Dimon even attempted to interject while congressman Sherman was speaking, sparking a brief, contentious exchange and silencing only after demand to respect protocol from chair of the hearings congresswoman Maxine Waters. This comes just a month after Razom We Stand with international support sparked the public attention to banks continued business in Russia. Together with activists in New York, Paris and London on Ukraine’s Independence Day, 24 August, we took actions to demand that they immediately stop doing any kind of business with Russian fossil fuel companies, including investment, loans or other financial services. In letters to management of these banks, Razom We Stand together with more than twenty Ukrainian civil society organizations reiterated the demand to end ties with the Russian oil and gas industry, which was first voiced by Oleg Ustenko - Volodymyr Zelenskyi's chief economic adviser. We and other Ukrainian organizations…

Paris, September 19, 2022 – While the top three leaders of the Glasgow Financial Alliance on Net Zero (GFANZ) recently issued a statement calling all members for an end to financing of new coal projects (1), a new report (2) released today by Reclaim Finance reveals that major US banks keep pumping billions of dollars into companies that are developing new coal mines, plants, and infrastructure. While policies adopted by US banks after the Paris agreement are toothless to stop coal expansion, financial research also sheds light on many transactions in support of coal developers after the banks joined the Glasgow Financial Alliance on Net Zero (GFANZ). As Climate week begins and COP27 approaches, Reclaim Finance calls on US banks to immediately complement their net-zero pledges with real action and implement robust coal policies. Going against the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA) 1.5°C recommendations (3), the big US banks continue to finance companies that are developing new coal projects worldwide. Since 2019, JPMorgan Chase, Citigroup, Bank of America, Morgan Stanley, and Goldman Sachs have collectively provided US$40 billion to coal developers. (4) Lucie Pinson, CEO and founder of Reclaim Finance, comments: “ US banks are leading us to climate disaster. Their unrelenting support to developers of new coal projects is reckless. By continuing to finance new coal mines, power plants, and infrastructure, they are jeopardizing our chances at building a breathable…

The Women’s Earth and Climate Action Network (WECAN) has released a Call to Action urging governments and financial institutions to respond to the climate emergency and immediately take the steps necessary to meet the targets of the Paris Climate Agreement. Nearly half a million people have died in the last two decades due to climate-fueled disasters. It is more clear than ever that we are running out of time for significant action on the climate crisis. “We know we can do better, and that we must act swiftly in the short window of time we have. The door is closing, and millions of lives are at risk as governments continue to delay on real climate solutions. Governments and financial institutions have no more excuses and must end their delusions with false solutions and incremental fossil fuel phase out plans. Science is telling us, we must act now.” – Responding to the Climate Emergency: A Call to Action for People and Planet The Call to Action is grounded in the leadership, analysis and frameworks of frontline communities and climate justice movements from across the world, and provides concrete steps for both governments and financial institutions to advance equitable and just climate policies and programming that phase out fossil fuels, end reliance on false solutions, and promote community-led and rights-based solutions for a healthy and thriving planet.

On Thursday the European Parliament adopted a groundbreaking resolution that officially recognises the disastrous consequences for both human rights and the climate due to the construction of TotalEnergies’ East African Crude Oil Pipeline (EACOP), and the associated Tilenga oil extraction project. This pipeline, under construction in Uganda and Tanzania, would be the largest heated oil pipeline in the world. More than one hundred thousand people, mainly farmers, are already being displaced from their lands without prior and fair compensation. If completed, the pipeline would generate up to 34 million tons of CO2 emissions every year and threaten protected wildlife.  The resolution calls for "an end to the extractive activities in protected and sensitive ecosystems, including the shores of Lake Albert," referring to the 132 wells that Total plans to dig into the Murchison Falls National Park, a protected area, and to the numerous protected ecosystems which the 50°C heated EACOP pipeline will cross. It also urges Total to take one year before launching the project to explore alternative projects based on renewable energies for better economic development. This resolution puts further pressure on the financiers and corporations behind the EACOP that are already facing sustained resistance from local communities - and millions of people around the world.  While 20 banks around the world have made clear they will not finance the EACOP, European financiers including Standard Chartered, BBVA, Santander…

Global civil society organisations, including ShareAction, BankTrack and Reclaim Finance, 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. The UN-backed Race to Zero campaign, of which the NZBA is a partner, updated its criteria for members in June. The seven net zero alliances under the Glasgow Financial Alliance for Net Zero (GFANZ) umbrella are required to meet the updated minimum criteria by June 2023. The 16 NGOs are extremely concerned by reports that a UNEP-FI spokesperson said it is unlikely that individual alliances will need to update their core commitments to meet Race to Zero’s new rules. The NGOs warn that this undermines the credibility of UNEP-FI role as convenor of three of the GFANZ member alliances and its net zero commitment. In its letter, the group asked the NZBA to urgently respond by outlining the timeline and process for updating its guidelines to maintain its accreditation, as well as the accountability mechanism that will ensure its members are aware of and will comply with their obligations. It urged the NZBA to go beyond the UN’s minimum ‘Starting Line’ criteria by also playing a proactive leadership role, such as explaining how they will support climate-affected communities to ensure a fair transition. Kelly Shields, Senior Campaign…