A report released today by BankTrack, Rainforest Action Network, Indigenous Environmental Network, Oil Change International, Sierra Club and Honor the Earth, and endorsed by 163 organisations around the world, reveals that 33 global banks have provided $1.9 trillion to fossil fuel companies since the adoption of the Paris climate accord at the end of 2015. The amount of financing has risen in each of the past two years. [1]   Of this $1.9 trillion total, $600 billion went to 100 companies that are most aggressively expanding fossil…

Residents of 13 villages in western Guinea have filed a formal complaint against the International Finance Corporation (IFC), the World Bank’s private-sector arm, for funding the expansion of a harmful bauxite mine. The 540 complainants allege that the IFC-financed project, Compagnie des Bauxites de Guinée, has grabbed their land, destroyed their livelihoods and damaged the local environment. The complaint, filed with the IFC’s independent watchdog, the Compliance Advisor Ombudsman, details violations of the IFC’s environmental…

The European Parliament and Council have today reached a provisional political agreement on a new set of rules requiring European investors such as banks, pension funds and insurers, to carry out due diligence. This means investors will need to disclose the steps they have taken to address the adverse impact of their investment decisions on people and planet. The agreement, which was reached in the early hours of this morning, also fundamentally redefines the risks that investors must consider when decision making – moving away from pure…