coal
Still Coughing up for Coal: Big Banks after the Paris Agreement
BankTrack, with its international partners Rainforest Action Network in the US, Friends of the Earth France, urgewald in Germany and Market Forces in Australia published the report ‘Still Coughing up for Coal: Big Banks after the Paris Agreement‘ in November 2016, during the second week of COP22 in Marrakesh. The report analyses the coal policies […]
ING still invests hundreds of millions in polluting coal companies
ING lends EUR 300 million to Eon fossil spin-off Uniper ING has granted a loan of EUR 300.1 million to Uniper, EON’s fossil fuels spin-off, which made its stock market debut in Frankfurt last week. ING is the only Dutch bank investing in the company, which owns coal and gas power plants in various countries. […]
Deutsche Bank Blacklists Mountaintop Removal Companies
At Deutsche Bank’s shareholder meeting last week, the bank announced an end to its support formountaintop removal mining. In his speech, the bank’s outgoing CEO, Juergen Fitschen, said: “Using explosives to destroy the summits of mountains does not seem to us to be a legitimate or ecologically sensible manner of surface mining. For this reason, […]
Setting the World Bank President Straight on Large Dams
World Bank President Jim Kim addressed the Union Theological Seminary in New York on “The Principle of Mercy.” During his presentation, Jim Kim mused extensively about his philosophical upbringing and his path from a public health activist to the head of a global financial institution. Staying true to his moral foundations, the World Bank President […]
Indonesian banks ordered to stop all lending to coal-mining projects in East Kalimantan
The Indonesian mining industry was dealt a double blow last week, a new Indonesian Coal Market Briefing from Greenpeace details. On Monday 15 February Indonesia’s Corruption Eradication Commission announced that local authorities revoked 721 mining permits in 12 provinces – 478 of which are coal-mining permits. Two days later, the Financial Services Authority (OJK) ordered […]
What business needs to know about the Clean Power Plan
It may seem easy to dismiss the proposed Clean Power Plan as another intractable logjam between the Obama administration and fossil fuel-state Republicans, as political wrangling and lawsuits keep flying and the Supreme Court temporarily halts its implementation. But the Clean Power Plan has a very decent chance of becoming the law of the land […]
Morgan Stanley and Wells Fargo Cut Coal Financing, Join Growing Movement by Banks in U.S. and Europe
Rainforest Action Network Calls on Banks to End All Financing for Coal Today, Morgan Stanley and Wells Fargo released new commitments to cut financing for the global coal industry. Wells Fargo’s policy committed to reduce the bank’s lending to coal mining companies. Morgan Stanley’s policy went further, covering both lending and underwriting, and committing to […]
Axa pledges to sell €500m of coal assets by end of year
Axa, one of the world’s largest insurers, has become the first global financial institution to shun investments in coal companies. The French group, which has more than $1tn in assets under management, will sell €500m of coal assets between now and the end of the year, its chief executive, Henri de Castries, said at a […]
Royal Bank of Scotland Rules Out Financing Major Coal Port Expansion
In yet another sign of major international banks’ growing unwillingness to fund coal terminal projects that threaten the iconic Great Barrier Reef, Royal Bank of Scotland last night joined Deutsche Bank and HSBC in publicly ruling out financing of the controversial Abbot Point coal terminal near Bowen, Queensland. The terminal will export coal from the […]
Scientists expose coal industry’s false claims about “high efficiency” coal: No more room for new unabated coal
A group of 27 scientists from across the world join forces to address the coal industry’s false claim that ‘high efficiency coal’ is a climate solution. In a joint statement, the scientists explain why new coal without carbon capture and storage technology (CCS) would mean dramatically overshooting the agreed 2°C global warming limit. The statement […]
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