Like us, you’re probably busy preparing for Global Climate Strike week kicking off on September 20. In this edition of the newsletter you’ll find BankTrack’s statement of support for the Strike, which calls on bank workers to get involved, and a list of the financial institutions that have thrown their support behind the Strike so far.
The Strike week coincides with several other key climate and finance events. There is, of course, the UN Climate Action Summit in New York on the 23rd, for which Greta Thunberg sailed across the Atlantic. The day before the Summit will see the launch of the Principles for Responsible Banking (PRBs), a UNEP-FI framework to align banks with the Paris Agreement, among other things. So far 15 Fossil Banks have committed to become signatories to the PRBs, along with dozens of other banks. Whether this will result in a concerted effort by these banks to become fossil free remains to be seen.
If you’re looking for ways to get involved in activities targeting Fossil Banks in the coming months, there are cool actions to join both online and offline. Check out the ‘Take Action’ section for details.
Finally, several banks have taken steps to further exclude financing for fossil fuels in the last few months, with the most notable being French bank Crédit Agricole, which will no longer finance coal expansion and has a clear coal phase-out plan.
With warm wishes,
Claire and the BankTrack team
Why this campaign
With the support so far of more than 270 organisations around the world, Fossil Banks, No Thanks! is calling for an end to fossil fuel finance by private sector banks. The climate emergency means there must be an immediate end to the expansion of the fossil fuel industry and a rapid phase-out of all coal, oil and gas operations. Banks must urgently bring their financing in line with these aims. You can read the Call on Banks at fossilbanks.org. Our Fossil Banks, No Thanks! newsletter will keep you up-to-date on campaign news, victories, and upcoming activities, as well as providing you with links to relevant articles and fossil fuel-related research.
Help us get to 300 organisational supporters: share the Call on Banks with your networks!
BankTrack, Sept 2From September 20 to 27, BankTrack will be joining and supporting events organised and led by the Youth Strikers. We call on all bank workers who see the crisis we are in, whose children may already be climate activists, to join the Global Climate Strike or support it in whatever way they can. Bank employees, by disrupting business as usual, can show decision-makers at banks that there is support among their workforce for strong climate action, and for banks to play their role in ending the age of fossil fuels.
German ethical bank GLS has committed to close its doors on September 20 to allow its workers to march “against the climate catastrophe”. Several trade unions and companies have also stated their support for the strike. Which bank is next?
RECENT BANK MOVES OUT OF FOSSIL FUELS
Crédit Agricole gets real on coal
On June 6, Crédit Agricole released its new approach to coal, in which the bank has committed to blacklist all coal developers and fully exit the coal sector by 2030 in OECD countries, by 2040 in China and 2050 in the rest of the world. This is the most comprehensive coal finance exclusion policy we’ve seen from a bank to date.
However, the bank still has some way to go on reducing its finance for the oil and gas industry. You can read BankTrack’s analysis of the policy here.
Commonwealth Bank out of thermal coal by 2030
Market Forces, Aug 7
In its new Environmental and Social Framework, Commonwealth Bank committed to exit thermal coal by 2030, and issued a stark warning to industry and policy-makers that coal has no place in Australia’s future. The bank’s announcement follows recent commitments by insurers QBE and Suncorp to exit the thermal coal sector by 2030 and 2025, respectively. Read more…
Royal Bank of Scotland rejects Arctic Refuge drilling
Sierra Club, Aug 6
The Royal Bank of Scotland released an updated environmental policy that rules out financing for oil and gas drilling or exploration in the Arctic National Wildlife Refuge. This critical update to the bank’s lending policy follows similar announcements this year from other major international financial institutions including Barclays and NAB. Read more…
TAKE ACTION
Block the Banks
Nov 8-10, London, UK
A two-day action training to stop finance for fossil fuels!
This training, hosted by 350.org in collaboration with BankTrack and Positive Money, will help activists learn together, build skills, and participate in a direct action. There are limited spaces available and we will prioritise those who are most able to put the training into action. Sign up here.
Bankrupt Climate Change: Barclays action Sept 21, Hove, UK
Barclays is Europe’s #1 Fossil Bank. Join climate activists in Hove to tell the bank it’s time to ditch fossil fuels.
JPMorgan Chase:Sign up for a tool-kit, including a letter you can hand-deliver to managers at branches of JPMorgan Chase, the world’s #1 Fossil Bank, by Rainforest Action Network
Adani:Tell banks that Adani Ports funding must not be shifted to Carmichael coal, by Market Forces
Australian banks:Tell them to choose – you or fossil fuels, by Market Forces
TRACKING BANK POLICIES
At BankTrack, we like to keep track of banks’ fossil fuel policies (it’s in the name!). We’ll soon be introducing a new tool on our website to make it easy for you to see at a glance which bank excludes what.
Until then, you can find a summary of each bank’s policies in the bank profiles on fossilbanks.org as well as the following policy tables on banktrack.org:
Following the explicit rejection of oil and gas exploration in the Arctic National Wildlife Refuge by RBS, we’ve also updated our table on banks’ Arctic oil and gas policies to show more clearly which ones have excluded finance for both onshore and offshore activities (10 banks and counting, and one excluding onshore only) or for offshore activities only.
Tar sands have been high on the environmental agenda for the past few years. The number of banks getting the message is in the double digits.
Our recently refreshed overview of banking sector coal policies shows that we’re now up to 45 banks which have adopted or updated a policy restricting their coal financing, including 22 banks excluding the direct financing of new thermal coal mines, and 26 banks excluding the direct financing of new coal plants worldwide.
NEW RESEARCH
Here’s a selection of recent research relating to banks and fossil fuels.
Consent is Everybody’s Business: Why banks need to act on free, prior and informed consent, Oxfam, Aug 20
Rio Grande Valley: At Risk from Fracked-Gas Export Terminals, RAN, July 10
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