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A call to action on the Principles for Responsible Banking: End climate-destructive financing now

2020-10-20 | BankTrack, Rainforest Action Network, and partners
In September last year, the United Nations Environment Programme Finance Initiative (UNEP FI) and 30 ''founding'' banks launched the Principles for Responsible Banking (PRBs) during the United Nations General Assembly in New York. Starting out with 132 signatories, 193 banks and counting have now adopted the six principles that comprise the PRBs. This includes a commitment to align the bank’s business strategy with the goals set out in the Paris Climate Agreement and the Sustainable Development Goals (SDGs). Civil society…
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Indigenous Women Leaders warn global financial companies to stop support for tar sands oil

With key financial decision points looming on the Keystone XL, Line 3, and Trans Mountain pipelines, an open letter calls for policies respecting Indigenous rights and ruling out tar sands
2020-10-19 | First Peoples Worldwide, Giniw Collective, Honor the Earth, Indigenous Climate Action, Indigenous Environmental Network, Tiny House Warriors, Unist
This week, over 40 Indigenous women from communities impacted by tar sands sent an open letter to 70 major banks, insurers, and asset managers, calling on them to respect Indigenous rights and stop providing financial support for the industry destroying their homelands.  In a letter addressed to the CEOs of these global financial institutions, the women wrote: “With fossil fuel corporations plowing ahead with pipeline construction in the midst of a global pandemic and massive financial meltdown, we urge your institutions to immediately…
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HSBC makes empty 'net-zero by 2050' commitment

Bank makes no commitment to end fossil fuel financing
2020-10-09 | BankTrack, Fund Our Future UK
Europe’s largest bank has today announced it will go net-zero by 2050 but these commitments lack immediate exclusions of coal, oil and gas companies, and those most responsible for deforestation, which are now the bar of ambition. Campaigners warned that if HSBC’s net-zero commitment is to have any credibility, the bank has urgent work to do today to phase-out support not just for coal but for companies involved in further oil and gas extraction and infrastructure, on an explicit timeline that is aligned with limiting climate change…
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Global Witness, BankTrack and 19 other civil society organisations call on UK government not to leave finance out of a proposed new law on deforestation

2020-10-06 | United Kingdom | BankTrack, Global Witness
Today, over twenty organisations sent an open letter to the UK government calling for the finance industry not to be left out of a proposed new law to tackle the UK’s contribution to global deforestation. The letter coincides with the end of the government’s five-week consultation on the new legislation, which aims to address deforestation in the supply chains of products such as beef, palm oil and soy that are imported into the UK. The letter was coordinated by Global Witness and BankTrack, and its signatories include Greenpeace UK,…
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JPMorgan Chase’s Paris announcement isn’t enough

JPMorgan Chase can’t be Paris aligned if it’s still funding fossil fuels
2020-10-06 | Stop the Money Pipeline
Members of Stop the Money Pipeline, a coalition of over 130 groups working to end the financing of climate chaos, respond to JPMorgan Chase’s “Paris-Alignment” announcement  JPMorgan Chase, the world’s largest banker of fossil fuels, announced this afternoon that it is committing to push its clients to align with the Paris Agreement and work towards global net zero-emission by 2050. The announcement said nothing about reducing the bank’s massive lending to fossil fuel companies. Since 2016, Chase has…
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At last, EP4 is launched - but will it shield banks from risk (or us from banks)?

2020-10-01 | Hannah Greep – BankTrack
It was all supposed to be more than just a date in the calendar, perhaps a lavish ceremony in New York or London, but Covid-19 spoiled all that. Today's launch of the fourth iteration of the Equator Principles is a bit of a non-event. Yet it marks the end of a three-year process in which 110 banks discussed and finally agreed upon a new set of principles that will govern under what conditions they will finance large infrastructure projects in the years to come. This revision process of this set of principles, already in existence since 2003,…
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2020-09-28
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Update Alerts
On 2020-10-22 15:24:56 we updated the Banco Votorantim bank page.
On 2020-10-22 15:17:07 we updated the Denmarks Export Credit Agency bank page.
On 2020-10-22 15:05:42 we updated the E.SUN Commercial Bank bank page.
External News
Standard Bank comes clean about R180bn climate risk
2020-10-15 00:00:00
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BusinessLive
Madagascar’s top court criticizes government handling of mining project
2020-10-09 00:00:00
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Mongabay
JPMorgan pledges to push clients to align with Paris Climate Agreement
2020-10-06 00:00:00
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The Wall Street Journal
Stop Standard Bank’s East African Crude Oil Pipeline Project
2020-10-06 00:00:00
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Extinction Rebellion South Africa