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In 2015, financial players stumbled across the comet from Don’t Look Up. At Lloyd’s of London, Mark Carney called on them to break with the ‘tragedy of the horizon’, demanding they act against climate breakdown before they had no market left.
Since then, more and more banks, insurers and investors have joined the great debate on the decarbonization of financial flows.
Blah blah blah, Greta would say.
“Contributing to meeting the Paris Agreement goals”; “limit warming to 2°C, below 2°C, to 1.5°C”; “reach carbon neutrality by 2050” - climate commitments are being reiterated in new ways.
Some would like me to wax lyrical about this development.
But even in the best of cases, when not denying its responsibility to act, international finance is developing slightly less polluting financial products without lowering its support to the most emission-heavy sectors to the same extent. Even as it attacks coal, it is increasing its support for oil and gas.
Financial institutions often declare themselves unable to act today, and instead bet on technological developments which would allow them to cancel out - ‘compensate’, as if by magic - the chaos they themselves helped to create.
They want to act. They are going to act. Just… later.
First of all, they need to assemble the data and develop adequate methodologies. Our NGO partner, Urgewald, has served them, on a platter, a list of companies developing projects which the International Energy Agency considers strictly incompatible with their climate commitments. But still they pretend that they don’t have enough information to hand.
For 2022 we have one sole wish: for action to replace inaction.
Lucie Pinson
Founder and Executive Director, Reclaim Finance
P.S. And since we don’t believe in fairytales, we’ll keep mobilizing.
Thank you for your support.
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Coal : financial actors and the lack of credible exit plans
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Are companies ready to get off coal? That is the question Reclaim Finance answers in its Coal Watchlist, a tool to determine whether or not companies have plans to exit coal, and to assess the credibility of those plans.
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WOE 2021: the three principles for financial institutions
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Reclaim analyzed the International Energy Agency's "Net Zero by 2050" scenario, and highlighted three main principles to be implemented in order to achieve carbon neutrality and follow the 1.5°C trajectory.
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Amundi’s Lyxor purchase deepens campaigners’ climate concerns
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Three weeks after acquiring Lyxor, the French asset management giant's strategy has been put to the test in a new report by Reclaim Finance, which points to a growing threat to the climate.
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As part of the Insure our Future campaign, several NGOs including Reclaim Finance highlighted the key role in supporting oil & gas expansion in the Amazon.
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This story is about a new runway for Hong Kong's airport, a $4 billion bond, 22 banks looking for investors, and an endangered white dolphin.
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BlackRock CEO defends fossil gas |
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Larry Fink has released his much-anticipated annual letter to CEOs for 2022, in which in which he attacks divestment while promoting fossil gas.
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