STMP newsletter

The Glasgow Climate Talks concluded last week. Although there were some small steps forward, it is hard not to be disappointed. Even if every pledge made in Glasgow is kept ― which is a big if ― the world will still be on track for truly catastrophic levels of warming.

Here are some resources and links for you to learn more about what happened in Glasgow, as it relates to our work to end the funding of climate chaos:

The Glasgow Financial Alliance for Net Zero (GFANZ) boasted that $130 trillion of assets were now represented among their 450+ member corporations. Yet, the big commitment was severely undermined by its failureto even mention the F-words: fossil fuels.
39 countries & counting agreed to stop funding fossil fuel projects abroad. Yet those countries account for only around 25% of all public financing of fossil fuels, so others will need to follow soon.
Morgan Stanley became the second major US bank to publish its 2030 climate targets.
The British Treasury said it will require financial firms to publish net zero transition plans in alignment with the goals of Paris
More than 100 countries, including the US, Brazil, Indonesia and China, committed to ending and reversing deforestation by 2030. But the commitment could be undermined, as some countries are already walking back their promises ― and the US banks funding deforestation failed to make a similiar commitment
Some of the largest UK banks committed to phase out coal financing, but continue to finance other fossil fuels
The US had a hand in watering down the final big international commitment at COP26 to phase out coal

Only one major US financial institution, Morgan Stanley, came out with any sort of new climate targets during COP26 ― and those targets fail to do the most important thing: commit to phasing out financing for new fossil fuel projects. It’s clear that we have a lot of work ahead of us.

As we begin to look forward to 2022, Stop the Money Pipeline will be going into a period of reflection and planning. We’ll be having discussions with our 200+ coalition partners and starting to make campaign plans for the year ahead. As part of our planning, we want to know what you think ― and next week we’ll share a survey so we can get your input into our planning.

But the Glasgow Climate Talks made one thing clearer than ever. We need to keep doing everything in our power to ensure that every bank CEO and every insurance executive knows: Net zero plans that fail to end fossil fuel financing will be called out for the empty greenwashing they are.

In solidarity,
Stop the Money Pipeline

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