Two days ahead of the 5th Paris Agreement anniversary, 18 NGOs are releasing a joint report showcasing 12 of the most devastating fossil fuel projects that are currently planned or under development. These expansion projects alone would use up three-quarters of the total remaining carbon budget if we are to have a 66% probability of limiting global warming to 1.5° Celsius. The report exposes the banks and investors that are providing financing to the fossil fuel companies developing large-scale, contested coal, oil and gas expansion projects.
The depth of analysis conducted by Heffa Schuecking and her team is superb.Tom Sanzillo, Director of Finance, IEEFA institute
Norway to Divest €5 Billion from Coal Giants like Glencore and RWE
On June 12, 2019, the Norwegian Parliament has voted in favor of the government’s proposal to tighten the coal exclusion criteria of Norway’s Government Pension Fund Global (GPFG), Europe’s largest sovereign wealth fund. The decision followed a longstanding campaign by Urgewald an Norwegian partners. According to research by Urgewald and Framtiden i våre hender (FIVH), this affects 8 coal companies that will be divested. The NGOs estimate the volume of the new divestment action to total €5.1 billion. The Pension Fund has now adopted 2 of the 3 coal exclusion criteria Urgewald put forward in 2015.
World Bank Undermines Paris Climate Treaty!
The World Bank has repeatedly and fully pointed out that it will adopt the Paris goals and contribute to reducing greenhouse gases. But, the analyses of Urgewald's Senior Adviser Heike Mainhardt shows a different picture: In the last five financial years, World Bank financing for fossil energies has been more than twice as high (12 billion US dollars) as for renewable energies (5 billion US dollars, excluding large hydropower).
How We Expose Climate's Worst Enemies & Change the Finance Industry
We all know the coal industry is the number one driver of climate change, damages peoples’ health and destroys the environment. But do we really know which companies belong to the industry? And more importantly, do banks and investors know? From our portfolio analyses and in-depth discussions with many major banks and insurers, we have reached the conclusion that financial institutions systematically underestimate their holdings in the coal industry. To address this blind spot, we have developed a unique divestment tool: The Global Coal Exit List (GCEL).
How We Work for Better Multilateral Development Banks
The purpose of international development banks is to eliminate or reduce poverty, while protecting the environment. However, this is precisely where they often fail. What is wrong with them? How can NGOs like Urgewald change the way they are allocating their funds? A look behind the scenes of development finance, disastrous projects and the fight of NGOs for stronger standards.