BankTrack

Time 2021-11-13 08:07:36

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description:BankTrack is the international tracking, campaigning and NGO support organisation focused on banks and the activities they finance.
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See all campaigns 2021-11-04 00:00:00 Belgian bank KBC ends financing for new oil and gas extraction, but stops short of a complete phase out plan 2021-10-15 00:00:00 Changes to China’s banking law could help – or hurt – the planet 2021-10-14 00:00:00 Banks and biodiversity: are banks moving towards Kunming? 2021-10-11 00:00:00 ING's climate reluctance See all blogs 2021-11-02 11:03:26 ANZ launches human rights grievance mechanism in a first for the global banking sector 2021-10-14 16:18:59 French bank La Banque Postale quits oil and gas, sets international precedent 2021-10-04 21:32:57 Nominee shareholdings: UN Human Rights office confirms banks’ human rights responsibilities 2021-09-13 12:28:31 East African Crude Oil Pipeline: more banks to stay away from troubled Total project See all successes Connect 2021-10-26 00:00:00 Equator Compliant Climate Destruction: How banks finance fossil fuels under the Equator Principles 2021-09-29 00:00:00 Exposing the financial flows into illegal Israeli settlements 2021-08-09 00:00:00 The East African Crude Oil Pipeline: New risk developments 2021-07-28 00:00:00 Investing in the Military Cartel: 19 international banks invest over US$65 billion in companies linked to Myanmar junta and atrocities 2021-05-10 00:00:00 Chinese banks’ forest-risk financing 2021-03-24 00:00:00 Banking on Climate Chaos 2021 See all publications Browse Home
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Forests s latest study reveals continued growth in Asias coal sector even after the signing of the Paris Agreement in 2015 due to financing by banks and investors operating in the region. In the past five years (20162020) since the signing of the Paris Agreement, financial institutions operating in key Asian countries identified in Fair Finance Asias latest study have provided USD 683 billion in loans and underwriting services to companies active in coal mining and coal-fired power operations in the region. The biggest investors in the coal sector, based on the study, are Japans Government Pension Investment Fund, Indias Life Insurance Corporation, US asset managers BlackRock and Vanguard, and Malaysian investors Khazanah Nasional, PNB and EPF. Coal accounts for 74% of all electricity produced in India, 66% in China, 59% in Indonesia, 52% in the Philippines, 47% in Vietnam, and between 1% and 45% in the other eight Asian countries covered in Fair Finance Asias (FFA) new study in collaboration with Profundo, which focuses on the regions linchpin nations for just energy transition. Together, these 13 countriescontinue to finance, operate, and develop new coal-fired power projects with approximate life cycles of 35 to 40 years, effectively derailing Asia from aligning with the IPCCs 1.5 degrees Celsius scenario. A vision of a different energy future in Asia is urgently needed. However, simply replacing coal with renewable energy is not necessarily
blog external news our news A future without coal: banking on Asia's just energy transition 2021-11-10 | Fair Finance Asia Fair Finance Asias latest study reveals continued growth in Asias coal sector even after the signing of the Paris Agreement in 2015 due to financing by banks and investors operating in the region. In the past five years (20162020) since the signing of the Paris Agreement, financial institutions operating in key Asian countries identified in Fair Finance Asias latest study have provided USD 683 billion in loans and underwriting services to companies active in coal mining and coal-fired power operations in the region. The biggest investors in the coal sector, based on the study, are Japans Government Pension Investment Fund, Indias Life Insurance Corporation, US asset managers BlackRock and Vanguard, and Malaysian investors Khazanah Nasional, PNB and EPF. Coal accounts for 74% of all electricity produced in India, 66% in China, 59% in Indonesia, 52% in the Philippines, 47% in Vietnam, and between 1% and 45% in the other eight Asian countries covered in Fair Finance Asias (FFA) new study in collaboration with Profundo, which focuses on the regions linchpin nations for just energy transition. Together, these 13 countriescontinue to finance, operate, and develop new coal-fired power projects with approximate life cycles of 35 to 40 years, effectively derailing Asia from aligning with the IPCCs 1.5 degrees Celsius scenario. A vision of a different energy future in Asia is urgently needed. However, simply replacing coal with renewable energy is not necessarily blog external news our news Climate groups call out banks lobbying for watered down Net Zero Commitments Stop the Money Pipeline organizations respond to news that on behalf of a group of 12 banks, HSBC lobbied Mark Carney’s GFANZ to scrap mandatory science-based targets and delay a deadline. 2021-11-09 | New York | BankTrack, Stop the Money Pipeline Yesterday The Bureau of Investigative Journalism reported thatHSBC coordinated efforts to try and water down action on climate change. The Bureau details that HSBC lobbied Mark Carneys Net Zero Banking Alliance to: remove the list of sectors that must be included in the first round of target-setting set targets only for sectors where there are credible transition pathways to a net-zero future delay until 2025 or 2030 the deadline for banks to set targets for some carbon-intensive sectors, instead of 18 months from signing the NZBA commitment HSBC denies lobbying to dilute the ambition of the NZBA and denies that the letter sent in March on behalf of the 12 banks reflects its own position. The twelve banks are on Prince CharlessFinancial Services Taskforceand they include Bank of America, Citi, JP Morgan, Barclays, BNP Paribas, and more. Member organizations of the Stop the Money Pipeline coalition released the following statements in reaction to the news: This confirms what Indigenous people and climate activists have been yelling from the frontlines for years: banks cannot be trusted to align their profit mindset with the fight for our planet. We need wealthy nations to reign in their greed with unprecedented science-based regulation, otherwise we have no chance of meeting the 1.5C goal,said Jackie Fielder, communications coordinator of Stop the Money Pipeline. Black, Brown, and Indigenous frontline communities across the globe have demanded blog external news our news NGOs release the first “Global Oil Global Oil Gas Exit List (GOGEL), an extensive public database that covers 966 oil and gas companies, which account for almost 95% of global oil and gas production. GOGEL provides detailed information that enables users to readily identify the largest oil and gas expansionists as well as the companies, which are responsible for the dirtiest and most controversial forms of oil and gas production. Over the pasttwo years, we have seen a surge of coal exclusion policies byfinancial institutions, but almost none that address oil and gas, says KatrinGanswindt, Senior Finance Campaigner at Urgewald. With the help of GOGEL,we want to motivate both public and private financial institutions to stopenabling the industrys expansion and begin steering towards an oil and gas exit, she adds. Reckless Expansion Plans According to UNEPs 2020 Emissions Gap Report, greenhouse gas emissionsfrom oil and gas are rapidly growing, with gas now the largest contributor to fossil CO2emissions in some regions (1). Our numbers show that the industry asa whole is on a reckless expansion course, says Nils Bartsch, Head of GOGELResearch at Urgewald. Even if the use of coal was phased out overnight, emissions from developed oil and gas reserves would soon exhaust our carbonbudget for 1.5C (2).Yet over 80% of the upstream oil and gas producers blog external news our news Belgian bank KBC ends financing for new oil and gas extraction, but stops short of a complete phase out plan 2021-11-04 | BankTrack Belgian bank KBC has announced that, starting immediately, it will no longer finance any new oil and gas development and exploration projects. In addition, all new credit to integrated oil and gas companies will need to be repaid by 2030 at the latest, unless these companies commit not to exploit any new oil or gas fields. The new Energy Policy, announced just before the start of the COP26 UN Climate Summit, states that in addition to already existing restrictions on coal and tar sands projects, KBC will no longer finance exploration and development of new and existing unconventional oil and gas fields. This covers Arctic oil and gas, deep water drilling, tar sands and shale oil and gas. KBC will also no longer finance exploration of new conventional oil and gas fields. Any new financing for oil and gas companies without a commitment not to operate new fields will have to mature by 2030 at the latest, leading to a phase out of finance for some oil and gas expansion companies by that date. Commenting on the new policy, Maaike Beenes from BankTracksaid: The strengthening of KBCs oil and gas policy is a welcome move. The phase-out of finance for companies expanding oil and gas by 2030 is all the more important given the findings of the Global Oil and Gas Exit List, released today, which shows over 80% of oil and gas companies are still expanding. KBC claims that it sets out concrete measures in response to the most recent findings of the International Energy Agency, which show that a sufficient blog external news our news ANZ launches human rights grievance mechanism in a first for the global banking sector The bank’s move follows 2020 agreement reached in OECD complaints process 2021-11-03 | BankTrack, Accountability Counsel, Equitable Cambodia, Inclusive Development International, SOMO Australias ANZ Bank today launched a Grievance Mechanism Framework to evaluate and respond to human rights related complaints associated with its corporate lending customers. This precedent-setting move makes ANZ the first large commercial bank in the world to adopt a human rights policy that gives communities harmed by ANZ-financed projects a real path to justice.[1] The announcement follows an extensive 18-month consultation with respected human rights advocacy organizations, and puts the pressure on other large banks to follow suit. The Framework sets out how ANZ will respond to complaints from community groups that consider their rights impacted by the banks finance, including aiming to resolve the complaint with its client, and contributing directly to remediation of harms where appropriate. Civil society groups including Accountability Counsel, BankTrack, Equitable Cambodia, Inclusive Development International and the Centre for Research on Multinational Corporations (SOMO), which participated in consultations with ANZ as it developed its new Framework, welcomed the move as an important step toward accountability in the banking sector, while identifying room for improvement. The development of a grievance mechanism by the bank follows a recommendation by Australias OECD National Contact Point (NCP) in June 2018 that the bank establishes a grievance resolution mechanism (including publication of outcomes) to support the effective operation of its corporate standards in relation to human rights. blog external news our news Mark Carney’s GFANZ US$ 130 trillion in Net Zero commitments ignores fossil fuel financing Climate groups have recently pushed back on GFANZ for loopholes in net zero framework 2021-11-03 | Glasgow, UK | Stop the Money Pipeline Today the Glasgow Financial Alliance for Net Zero (GFANZ)announced in its progress reportthat US$ 130 trillion under 450 firms has been committed to net zero targets over the next three decades. According to their release, 29 asset owners that have committed to reducing portfolio emissions by 25-30% by 2025; 43 asset managers have published targets for 2030 or sooner; and Net Zero Banking Alliance members have published the first targets. All Big Six Canadian banks and six most prominent US banks have joined the Net Zero Banking Alliance (NZBA) under the GFANZ. According tonew analysisby Stop the Money Pipeline member Rainforest Action Network: 39 NZBA signatory banks provided US$ 575 billion to the fossil fuel industry in 2020, including US$ 40 billion to top client Exxon; NZBA signatory banks include the 13 top fossil fuel funding banks in the world since Paris, and 21 of the top 23. Altogether, the 39 NZBA signatories that are among the worlds 60 largest banks account for US$ 3.1 trillion in fossil fuel financing from 2016-2020, 82% of total financing. Member organizations of the Stop the Money Pipeline coalition released the following statements in reaction to the news: Lucie Pinson, Executive Director of Reclaim Finance, said: More than US$ 130 trillion in AUM and not a single rule to prevent even one dollar from being invested in the expansion of the fossil fuel sector. Once again, the financial sector is willing to puff itself up with hot air blog external news our news Morgan Stanley sets 2030 emissions targets, but fails to rule out financing for fossil fuel expansion 2021-11-03 | New York, NY | Sierra Club Today, Morgan Stanleyannouncednew 2030 targets to reach its commitment to net-zero financed emissions by 2050. Last year, Morgan Stanleybecame the firstmajor US bank to make a net-zero by 2050 commitment and it is one of the first major US banks,following JPMorgan Chase, to set interim 2030 targets. The interim targets set goals for 35, 29, and 58 percent reductions by 2030 in financed emissions lending intensity from the banks auto manufacturing, energy, and power portfolios, respectively. The bank does not set absolute emissions targets. While Morgan Stanley claims its targets are aligned with the Net Zero Scenario emissions pathwaylaid out by the International Energy Agency (IEA), it does not rule out support for companies expanding oil, gas and coal despite the IEAs finding that no investment in new fossil fuels is needed beyond current production. Morgan Stanleys target for the energy sector is stronger than that of JPMorgan Chase, in that Morgan Stanleys covers midstream companies, and sets a more ambitious commitment for energy clients emissions (29% overall, versus JPMorgan Chases target of 15% reduction in Scope 3 emissions intensity for oil and gas clients). However any intensity-based metric can still allow for an increase in absolute emissions at a time when emissions need to be drastically cut in absolute terms. Its not complicated: achieving net-zero financed emissions by 2050 More news... Latest Tweets Almost 18 months since we published our #EquatorPrinciples project database, the EP Association has finally updated… https://t.co/ZFDIiOjVxl 2021-11-12 "Major investors in Lundin, Petronas and OMV - @BlackRock, @Vanguard_Group [...], @BNPParibas, the Bank of Norway,… https://t.co/v2uqQN6k2E 2021-11-12 Notice Board Update Alerts On 2021-11-12 15:56:04 we updated the Rio Tinto Jadar lithium mine project page. On 2021-11-12 15:49:26 we updated the Rio Tinto Jadar lithium mine project page. On 2021-11-12 11:14:59 we updated the Bank Rakyat Indonesia (BRI) bank page. External News For the controversial WPPs in Çeşme... Second veto from the court!
2021-11-11 00:00:00 | Ege'de Sonsöz A Major Uganda-Tanzania Oil Pipeline Hits Obstacles Amid Low-Price Compensation
2021-11-10 00:00:00 | Pipeline Journal HSBC led big banks’ charge against climate change action
2021-11-08 00:00:00 | The Bureau of Investigative Journalism US bank BNY Mellon cuts ties with Adani’s Carmichael coal mine
2021-11-08 00:00:00 | The Guardian Browse Home
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