Today, a coalition of Indigenous, national and international groups join a growing movement placing pressure on financial institutions to drop financially and socially risky projects, delivering a group letter to the 36 banks providing corporate finance to fossil fuel infrastructure giant Enbridge. The groups are calling on the banks to cut business ties with Enbridge Inc. until it stops expanding tar sands operations, one of the most destructive fossil fuels on the planet. Enbridge is the company behind the Line 3 “Replacement” Pipeline…

A number of banks including JPMorgan Chase, Royal Bank of Canada, TD Bank Group, Barclays, and Wells Fargo risk opposition from Indigenous communities, pressure from civil society groups, and scrutiny from investors as a result of their actual and/or potential involvement in climate damaging and controversial tar sands pipeline projects in Canada and the U.S., according to a new Greenpeace Investor Briefing. These projects carry many of the same potential risks for banks as arose with the Dakota Access Pipeline (DAPL) including a lack of and/or…

Demanding action from the world’s largest banks, institutional investors are calling for enhanced disclosure of banks’ climate-related risks and opportunities and of how these are being managed by banks’ boards and senior executives. A recent study estimates that the value at risk under business-as-usual scenarios may be equivalent to a permanent reduction of between 5% and 20% in portfolio value in just over a decade. 100 investors with $1.8 trillion assets under management, including pension funds, asset owners, and asset managers…

Despite their claims, Israel’s largest banks are not required by domestic law to provide many of the services and financing that help support, maintain, and expand unlawful settlements in the occupied West Bank, Human Rights Watch said in a report released today. In doing so, these banks violate their international law responsibilities to avoid contributing to human rights and other abuses, including unlawful land seizures, discrimination against Palestinians, and de facto annexation of the West Bank by Israel. Without…