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BankTrack news from COP15: Beyond Burning
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By: BankTrack

Contact:

Hannah Greep, Banks & Nature Campaign Lead at BankTrack

Natasha Ion, Climate campaigner at BankTrack


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COP27 & COP15: banks beyond burning. Photo: Raymon van Vught | BankTrack

COP15

From the 7th until 19th December 2022, governments meet in Canada for the 15th Conference of the Parties (COP) to the Convention on Biological Diversity (CBD). BankTrack will monitor news related to banks and biodiversity during the conference on this page.

COP15 takes place as the world faces multiple, urgent and overlapping global crises. We are facing an acute and rapidly accelerating climate crisis and the planet is heading towards ecological breakdown, which further exacerbates the probability of new pandemics emerging. At the same time, human rights continue to be violated around the world and people are struggling to cope with the immediate consequences of these global crises. It is clear that urgent and decisive action is needed to tackle each of these crises and no one can be solved without addressing the others. 

The conference also comes closely after governments met in Egypt for COP27 of the UN Framework Convention on Climate Change (UNFCCC). This conference was marked by successes, particularly the historic Loss and Damage fund, but also major failures, including a final agreement that does not acknowledge all fossil fuels as the root cause of those damages, let alone commit to phase them down or out. You can see more about the bank related news coming out of COP27 in our wrap-up blog. 

Biodiversity protection was sidelined during COP27, but it is the main topic being discussed at COP15 as governments negotiate the long-expected Post-2020 Global Biodiversity Framework. BankTrack will be in Montreal focused on getting banks to stop financing the expansion of industries that are driving biodiversity loss, including industrial agriculture, fossil fuels and wood biomass.

Find all BankTrack news related to COP15 and COP27 here

 

Time to move banks beyond burning

Banks play a key role in facilitating the global crises facing society today through the finance they provide to companies or projects that are impacting on nature. While the science is clear that in order to maintain a healthy and livable planet for all we must address the key drivers of biodiversity loss, banks continue to pump huge amounts of money into high risk industries such as industrial agriculture, fossil fuels, wood biomass and other sectors that continue to expand at the expense of nature.

Leading financial institutions have pumped USD 267 billion into forest-risk commodity companies since the Paris Agreement, and as of September 2022, investors held USD 40 billion in bonds and shares in those companies destroying the world’s precious forests. Between 2016 - 2021, the world's largest 60 banks financed the fossil fuel industry to the tune of USD 4.6 trillion. This does not match up to their “net zero” commitments or their climate or biodiversity pledges. Additionally, banks are providing finance to the wood biomass industry that has been falsely labelled as renewable, despite its significant carbon emissions. 

We are calling on banks to move beyond burning fossil fuels and biomass for energy; beyond burning our planet by facilitating deforestation and accelerating the climate crisis; and beyond burning our future of a healthy and livable planet for all.

To read more about how banks can act urgently and decisively to address these global crises and redirect their finance to those businesses that are supporting a just and equitable transition, see here: on nature; on climate; and on human rights.

Related Dodgy Deals

Projects

target

East African Crude Oil Pipeline (EACOP) Uganda

Pipeline Transportation of Crude Oil
active

Mozambique LNG Mozambique

LNG Terminal | Oil and Gas Extraction | Pipeline Transportation of Natural Gas
active

North Sea oil and gas projects - international -

Oil and Gas Extraction
target

Rovuma LNG Mozambique

LNG Terminal | Oil and Gas Extraction | Pipeline Transportation of Natural Gas
active

Vaca Muerta Shale Basin Argentina

LNG Terminal | Oil and Gas Extraction | Pipeline Transportation of Crude Oil | Pipeline Transportation of Natural Gas
There are no projects active for BankTrack news from COP15: Beyond Burning now.

Companies

active

Drax Group United Kingdom

Biomass Electric Power Generation
target

Enviva United States

Biomass Electric Power Generation
active

Equinor Norway

Oil and Gas Extraction
target

JBS Brazil

Beef Industry | Commodities Trading
There are no companies active for BankTrack news from COP15: Beyond Burning now.

News

| |
Type:
Year:
blog
external news
our news

COP15 greenwashing alert: Germany and Norway pledge 30 million euro to controversial corporate-headed nature reporting initiative at UN Biodiversity Summit

Civil society groups outraged funding will be handed to wealthy corporate initiative while those doing most to safeguard nature can’t secure sufficient funds.
2022-12-15 | Montreal, Canada | Rainforest Action Network
blog
external news
our news

Friends of the Earth US releases new briefing paper series on "Protecting Biodiversity from Harmful Financing"

2022-12-13 | Friends of the Earth US
blog
external news
our news

At COP15, investors announce Nature Action 100 to tackle nature loss and biodiversity decline

2022-12-11 | Montreal, Canada | Finance for Biodiversity Pledge
blog
external news
our news

The Royal Bank of Canada's financing of Canadian gold miner Belo Sun denounced during biodiversity summit

2022-12-08 | Montreal, Canada | Forests & Finance Coalition
blog
external news
our news

Bank of Montreal's links to massive, illegal Amazon deforestation condemned by Indigenous leaders during biodiversity summit

2022-12-08 | Montreal, Canada | Forests & Finance Coalition
blog
external news
our news

COP27 and banks: our wrap-up

Very little movement from banks during two week climate conference
2022-11-29 | Nijmegen, The Netherlands | Sumeyra Arslan – BankTrack
blog
external news
our news

WEO 2022 – From the fossil fuel age to the clean energy era

2022-11-16 | Reclaim Finance
blog
external news
our news

NGOs reveal the companies and financiers behind fossil fuel expansion in Africa

2022-11-15 | Berlin / Sharm El-Sheikh | BankTrack, urgewald, 350.org Africa, Africa Coal Network, Oilwatch Africa
blog
external news
our news

NZBA after 18 months: A muddle of low ambition, non-comparable targets

2022-11-15 | Reclaim Finance
blog
external news
our news

Beyond Burning: Finance, Extractivism & a Just Transition

The role of banks in reinforcing global systems of inequality in the energy transition
2022-11-11 | Natasha Ion – BankTrack
blog
external news
our news

NZBA progress report show banks lacking short-term fossil fuel targets

2022-11-11 | Nijmegen/ Sharm El-Sheikh | BankTrack
blog
external news
our news

These U.S. banks are financing climate chaos through fossil fuel expansion

An overview of RAN's new report, Wall Street’s Dirtiest Secret: How fossil fuel expansion depends on big bank finance
2022-11-10 | Rainforest Action Network
blog
external news
our news

NGOs release the 2022 Global Oil & Gas Exit List

Oil and gas industry willing to sacrifice a livable planet
2022-11-10 | Berlin / Sharm el-Sheikh | urgewald
blog
external news
our news

Standard Chartered & COP27 in Egypt: Locking Africa out of a Just Transition

2022-11-09 | Natasha Ion – BankTrack
blog
external news
our news

Net Zero Banking Alliance, Net Zero Asset Managers Initiative publish updates at COP27

Banks make limited progress on climate, while commitments from asset managers reveal wide disparit
2022-11-09 | Sharm El Sheikh | Sierra Club
blog
external news
our news

Reclaim Finance welcomes new United Nations’ criteria on net zero

2022-11-08 | Sharm El-Sheikh / Paris | Reclaim Finance
blog
external news
our news

High-Level Expert Group on the net-zero emissions commitments of non-state entities

2022-11-08 | UN High Level Expert Group
blog
external news
our news

COP27: Take power over climate finance from financial corporations – strict regulation is needed to save the planet

Civil society groups come out against corporate capture and negligence on climate finance at climate summits and at the UNFCCC.
2022-11-02 | BankTrack, Corporate Europe Observatory, Global Justice Now, Transnational Institute
blog
external news
our news

Egyptian security arrests dozens ahead of COP27 climate summit- rights group

2022-11-01 | Reuters
blog
external news
our news

Egypt's Carceral Climate Summit

2022-10-19 | The Intercept

Documents

Type:
Year:
correspondence
2022-12-12 00:00:00

Letter from 51 CSOs to Public Banks and Financiers on their Role in Stopping and Reversing the Biodiversity Crisis

2022-12-12 00:00:00 | 51 CSOs
correspondence
2022-12-12 00:00:00

Letter from 65 CSOs to Commercial Banks and Financiers on their Role in Stopping and Reversing the Biodiversity Crisis

2022-12-12 00:00:00 | 65 CSOs
correspondence
2022-12-12 00:00:00

Letter from 73 CSOs to Signatory Parties to the Convention on Biological Diversity on State Parties Must Stop and Reverse Biodiversity Loss

2022-12-12 00:00:00 | 73 CSOs
other documents
2022-11-08 00:00:00

Making transition plans just

How to embed the just transition into financial sector net zero plans
2022-11-08 00:00:00 | The Grantham Research Institute on Climate Change and the Environment

Media

Fossil Banks No Thanks graphics (for download)

Top 5 bank financiers of fossil fuels Top 5 bank financiers of fossil fuels in Asia Top 5 bank financiers of fossil fuels in Europe

Beyond Burning Twitter graphic (for download)




Links

Carbon Brief: COP15 text tracking

Interactive tool tracking progress at the COP15 biodiversity summit

https://www.carbonbrief.org/interactive-tracking-progress-at-the-cop15-biodiversity-summit/

CBD event page

https://www.cbd.int/conferences/2021-2022

CBD live schedule

https://www.cbd.int/conferences/2021-2022/schedules

COP27 Calendar

https://www.fossilbanks.org/events

COP27 Safety Hub

https://www.ycmsafety.com/

Just Transition(s) in North Africa?

A collection of essays from various North African countries focusing on dimensions of the energy transition and how to make this process equitable and just.

tinyurl.com/2p86z63a

Stop funding climate disaster

Civil society groups come out against corporate capture and negligence on climate finance at COP27.

https://corporateeurope.org/en/2022/11/stop-funding-climate-disaster?auHash=lR5PD9_21YijwUKOvrERpL4Bk6HGiV-QvBwGixQZe-8
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