BANKS DODGY DEALS CAMPAIGNS
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Our projects
Tracking the NZBA
Banks and Russia
Banks and Steel
Tracking the Equator Principles
Tracking the PRBs
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Raiffeisen Out! Bank.Green End Coal Finance Plastic Banks Tracker Defund TotalEnergies Financial Exclusions Tracker Equator-Complaints.Org Don't Buy into Occupation Banks & Biodiversity Forests & Finance Drop JBS StopEACOP Fossil-Free Finance
BankTrack
About BankTrack Organisation Our team Our board Our annual reports Funding and finances Guiding principles 20 years of BankTrack – Our history BankTrack in the media Team up with us Our privacy policy Donate Visit us
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Linkedin Login
Home › Partner news ›
Partner News

“Responsible” investors under scrutiny for investing in climate-destroying banks

2017-09-26
By: Rainforest Action Network
Contact:

Hana Heineken,  Forests & Finance Senior Advisor, Rainforest Action Network,  hheineken@ran.org, +1-609-553-4844

Banks: High Carbon, Hidden Risks. Report cover, September 2017. Photo: Rainforest Action Network
2017-09-26
By: Rainforest Action Network
Contact:

Hana Heineken,  Forests & Finance Senior Advisor, Rainforest Action Network,  hheineken@ran.org, +1-609-553-4844

As global investors gather in Berlin for the the largest conference on responsible investment hosted by the United Nations Principles for Responsible Investment (UNPRI), major players in the investment community and UNPRI members, including Vanguard, BlackRock, State Street, Norway's Government Pension Fund Global and Japan’s Government Pension Investment Fund are under intense scrutiny for fueling climate change through their investments in banks. A briefing published by Rainforest Action Network called “Banks: High Carbon, Hidden Risks” demonstrates that large banks such as JPMorgan Chase, Citibank, HSBC, Mitsubishi UFJ, Mizuho, and Deutsche Bank are pumping billions of dollars into carbon-intensive sectors that include extreme fossil fuels like the Canadian tar sands and commodities like palm oil that are driving tropical deforestation.

None of these banks have disclosed their full greenhouse gas emissions resulting from their financing activities, and many have weak safeguards to prevent further bankrolling the climate crisis and associated ESG risks. In addition to climate risk, their financing of these sectors brings critical environmental, social, and governance (ESG) risks such as land conflict and human rights violations, labor abuses, corruption, illegality, pollution, biodiversity loss, and environmental degradation. Banks are not neutral actors and their financing activities are key to shaping a sustainable future, but their contributions to climate change and other harms have long been ignored.  “These so-called “responsible” investors are knowingly putting people’s hard-earned money into investments that are destroying the planet. There’s nothing responsible about that,” said Hana Heineken with Rainforest Action Network.

Demand for improved disclosure is increasing around the world. In June of this year, the industry-led Task Force on Climate-related Financial Disclosures (TCFD) published its long-awaited recommendations, urging companies including banks to disclose to investors, lenders and insurance underwriters about their climate-related financial risks. This month, one hundred investors with assets totaling nearly $2 trillion called on the world’s largest banks to disclose climate-related financial information.

The PRI’s credibility as the preeminent forum for responsible investors is on the line as long as its members continue to allocate their investments into climate-destroying banks. Investors have a responsibility to ensure banks fully disclose their financed emissions and accelerate the transition towards a sustainable, low-carbon economy.

Banks

Citi

United States
Active

Deutsche Bank

Germany
Active

HSBC

United Kingdom
Active

JPMorgan Chase

United States
Active

Mitsubishi UFJ Financial Group (MUFG)

Japan
Active

Mizuho Financial Group

Japan
Active
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature
Our projects
Tracking the NZBA Banks and Russia Banks and Steel Tracking the Equator Principles Tracking the PRBs Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Raiffeisen Out! Bank.Green End Coal Finance Plastic Banks Tracker Defund TotalEnergies Financial Exclusions Tracker Equator-Complaints.Org Don't Buy into Occupation Banks & Biodiversity Forests & Finance Drop JBS StopEACOP Fossil-Free Finance
BankTrack
About BankTrack Organisation Our team Our board Our annual reports Funding and finances Guiding principles 20 years of BankTrack – Our history BankTrack in the media Team up with us Our privacy policy Donate Visit us
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Contact@banktrack.org
Donate Mailing list Facebook Twitter Linkedin
©2023 BankTrack
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted