Tag: Banking

Extinction Rebellion to step up campaign against banking system

Group aims to highlight financial sector’s role in climate crisis through escalation in tactics this week Extinction Rebellion is planning to step up its campaign against the banking system with a series of direct action protests and debt strikes in the coming weeks aimed at highlighting the financial sector’s role in the escalating climate crisis. […]

Mark Carney: ‘I didn’t want the Bank of England job. But I was asked to fix something’

He earned a fortune at Goldman Sachs, but now the banker wants the financial sector to reassess its values and tackle the climate emergency Read an exclusive extract from Carney’s book Mark Carney is no ordinary banker. He is the banker’s banker, the superstar banker, the George Clooney of banking, possibly even the James Bond […]

Central banks aren’t what they used to be – and the better for it

Banks now tackle diverse issues, be it Covid-19, climate change or inequality. Purists may disagree but there’s no other option We are used to thinking about the remit of central banks as focusing narrowly on price stability, or at most as targeting inflation while ensuring the smooth operation of the payment system. But with the […]

Federal resources minister insists inquiry into banks’ decision to abandon thermal coal will go ahead

Committee has delayed decision after some Liberals criticised proposal but Keith Pitt says it should ‘do its job’ The federal resources minister, Keith Pitt, has warned parliament’s joint standing committee on trade and investment growth to “do its job” after the group deferred a decision on whether to conduct a controversial inquiry into the climate […]

Australian banks ‘undermining Paris agreement’ with $7bn in fossil fuel loans

Exclusive: Australia’s big four banks have loaned $7bn to 33 new or expansionary fossil fuel projects between 2016 and 2019, analysis finds Since the Paris agreement was signed, Australia’s big four banks have financed new fossil fuel projects that would cancel out the national emissions reduction target 21 times over, according to analysis by the […]

Covid-19 relief for fossil fuel industries risks green recovery plans

Over $500bn is going to high-carbon industries undermining goals of Cop26 climate talks The failure of governments and central banks to set out a green recovery from the coronavirus crisis is threatening to derail vital UN climate talks aimed at staving off global catastrophe, campaigners have warned. On Friday, the UK and the UN attempted […]

Study: global banks ‘failing miserably’ on climate crisis by funneling trillions into fossil fuels

Analysis of 35 leading investment banks shows financing of more than $2.66tn for fossil fuel industries since the Paris agreement The world’s largest investment banks have funnelled more than £2.2tn ($2.66tn) into fossil fuels since the Paris agreement, new figures show, prompting warnings they are failing to respond to the climate crisis. The US bank […]

JP Morgan economists warn climate crisis is threat to human race

Leaked report for world’s major fossil fuel financier says Earth is on unsustainable trajectory The world’s largest financier of fossil fuels has warned clients that the climate crisis threatens the survival of humanity and that the planet is on an unsustainable trajectory, according to a leaked document. The JP Morgan report on the economic risks […]

Greenpeace hits out at Davos banks for $1.4tn climate hypocrisy

Report highlights financial support given to hydrocarbon sector by 24 institutions The world’s leading financial institutions have been accused of hypocrisy over the climate emergency, after providing significant support for the fossil fuel industry over the last five years. A report by Greenpeace, the environmental group, highlights that 24 banks which regularly attend the World […]