Money havens obscure pieces of the fossil fuel #MoneyPipeline :
"68 per cent of the #FossilFuelFinancing provided by the world’s 60 largest banks is being granted to subsidiaries in secrecy jurisdictions. With their weak transparency laws, such jurisdictions allow fossil firms to hide details about their ownership structures and financial activity or enable them to pay lower taxes than they should."
"#NewYork’s bill would prohibit insurers from underwriting new fossil fuel projects, require them to phase out support for existing projects, and force insurers to divest from fossil fuel companies. "
https://www.ciel.org/insuring-the-climate-crisis-new-york-bill/
If passed, this bill would throw some valves in the #FossilFuel industry's most important pipeline: the #MoneyPipeline.
A new bill proposed in the New York State Legislature aims to use state regulatory authority over insurance markets to address runaway insurance costs and growing coverage gaps driven by mounting climate change impacts.
"Climate-focused venture capital firm Clean Energy Ventures said Wednesday it raised $305 million for its second fund.
The fund was oversubscribed amid investor appetite for emissions-reducing technologies."
New valves are opening in the #MoneyPipeline
This #MoneyPipeline is destructive
"The report shows high bank financing for the most climate-damaging fossil fuel practices:
Tar sands extraction
Ultra deepwater offshore drilling
Fracking
The top 60 banks by asset size unabashedly financed harmful practices to sensitive biomes: UniCredit committed $265 million to companies involved in Arctic drilling and Bank of America committed to companies extracting oil & gas in the Amazon biome to the tune of $162 million."
https://priceofoil.org/2024/05/14/banking-on-climate-chaos-2024-fossil-fuel-finance-report/
Shut down the #MoneyPipeline
"The 15th annual Banking on Climate Chaos (BOCC) report looked at how the top 60 #banks in the world are underwriting and lending to over 4,200 #FossilFuel firms.
Since the Paris Agreement to limit global warming was signed in 2016, these banks have financed fossil fuels with $6.9 trillion (€6.4 trillion). The report says $3.3 trillion (€3 trillion) - almost half of this amount - went towards fossil fuel expansion alone."
That sound you hear (faintly, for now), is the turning of valves in the most important pipeline of them all: the #MoneyPipeline.
"Banks in #Europe lead retreat away from oil and gas clients
Trend is expected to pick up amid tighter #climate regulations"
"Private credit managers are doing significantly more fossil-fuel deals now than just a few years ago, as they step into a void left by banks exiting assets they worry pose too big a climate risk."
Investors worry more about risk to REPUTATION than risk to actual performance.
"Investors are more concerned about reputational risk to their company than the social and environmental impacts of the companies they invest in."
Whoa.
Sounds like the beginning of a strategy to reconfigure the #MoneyPipeline.
https://www.marketforces.org.au/info/reports/investor-disconnect-climate-risk/
2/
Executives reveal mismatch between reality of climate risks and corporate reputation. The world must swiftly cut fossil fuel use and production if it is to avert catastrophic climate change. Institutional investors play a crucial role in this transition.
#MoneyPipeline under scrutiny:
"The U.S. Treasury Department's Office of the Comptroller of the Currency (#OCC) carried out its first #ClimateRisk assessment of more than two dozen banks in recent months, laying the groundwork for heightened scrutiny of Wall Street's accounting for such threats.
The regulator used the discovery review to establish a baseline of banks' practices so it has a yardstick with which to assess their progress in implementing the guidance."
"The report from the UN's environmental wing, #UNEP, also revealed that despite decades of calls for ending finance flows towards sectors that harm some of humanity's most valuable assets, those investments currently account for a whopping 7 percent of global GDP."
#MoneyPipeline
https://www.miragenews.com/un-7-trillion-annually-fuels-climate-change-1140575/
Four banks quit initiative assessing #climate targets
"The lenders have abandoned efforts for the Science Based Targets Initiative (#SBTi) to validate their goals because of concerns it could hinder their ability to continue financing #FossilFuels, the sources said."
Um.
This shows two things:
1. SBTi is effective
2. You can tell exactly which banks are unwilling to close the #MoneyPipeline to the planet wreckers.
Four major banks, including Standard Chartered Plc <a href="https://www.reuters.com/markets/companies/STAN.L" target="_blank">(STAN.L)</a> and HSBC Plc <a href="https://www.reuters.com/markets/companies/HSBA.L" target="_blank">(HSBA.L)</a>, have quit a United Nations-backed initiative to scrutinise climate targets set by corporations, according to people familiar with the matter.
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