BNP Paribas announces new measures (1) to phase out coal power. It lays out the strategy to reduce to zero its exposure to coal-fired electricity by 2030 in EU and OECD countries, and by 2040 in all other countries of the world. Reclaim Finance welcomes the measures announced and calls other international banks to follow in order to actively support the urgent phase-out of the coal sector. To achieve these ambitious goals, BNP Paribas commits to stop financing (2) companies that would add, in any way, new electricity production capacities to their…

Controversial billionaire Dan Gertler appears to have used a money laundering network stretching from Democratic Republic of Congo (DRC) to Europe and Israel to evade US sanctions against him, funnel millions of dollars abroad, and acquire new mining assets in DRC, Global Witness and PPLAAF reveal today in a joint investigation, Undermining Sanctions. The groundbreaking evidence shines a light on the workings of Gertler’s complex business empire and a system apparently designed to conceal the movement of millions of dollars. This scheme…

In April, EU Justice Commissioner Reynders announced that the EU Commission plans to legislate on sustainable corporate governance, urging for a stronger legal framework on companies' impact on human rights and the environment. Last week, BankTrack, alongside 44 other organisations, has written to Commissioner Reynders to welcome these developments. However, the open letter also calls for strong EU rules which: require all companies, including the financial sector, to do proper checks (due diligence) that their business is not causing…