Category Archives: Banking & Lending Issues

Global Climate Movement Warns Nations Have Just 6 Months to End Fossil Fuel Finance

“The pandemic has shown that governments can rapidly mobilize massive sums of public money,” says one campaigner. “This is the moment to do it, and accelerate the transition.”

By Brett Wilkins  Published 5-19-2022 by Common Dreams

Clean energy advocates march in an anti-fossil fuel protest in San Francisco. (Photo: Greenbelt Alliance/flickr/cc)

More than 120 civil society groups from around the world on Thursday warned that nations have only six months left to meet a collective commitment made at last year’s United Nations Climate Conference to end public financing of fossil fuels.

The organizations detailed steps nations must take as soon as possible to comply with their obligations under the Glasgow Statement on International Public Support for the Clean Energy Transition, a product of last year’s COP26 summit. Continue reading

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Shareholders Target Wall Street Banks With ‘Groundbreaking’ Climate Resolutions

“Investors are saying we can’t conduct business in a world that is on fire, that has heatwaves and insufficient water. And I do think companies are beginning to understand that it’s in their interest to take action.”

By Brett Wilkins  Published 4-26-2022 by Common Dreams

Protest outside the Bank of America shareholder meeting on April 25, 2022. Photo: drew hudson #1u/Twitter

A significant percentage of shareholders at three of the biggest U.S. banks voted Tuesday to endorse first-of-their-kind resolutions urging the companies to stop supporting new fossil fuel development amid a worsening climate emergency.

Shareholders at Citi, Bank of America, and Wells Fargo voted 12.8%, 11%, and 11%, respectively, to support climate resolutions filed by the Sierra Club Foundation and other members of the Interfaith Center on Corporate Responsibility. According to the Sierra Club, any resolution that receives at least 5% of the vote can be refiled the following year, and those that get 10% or more are “considered difficult for a company to ignore.” Continue reading

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‘Major Step Forward’: AIG to Stop Insuring Coal, Tar Sands, and Arctic Drilling

“Organizing works,” said one advocacy group. “Now, all insurers must stop supporting fossil fuel expansion.”

By Kenny Stancil.  Published 3-1-2022 by Common Dreams

Insure Our Future Coalition at AIG’s NYC Headquarters on 12/7/2021. Photo: Insure Our Future, PDM-owner, via Wikimedia Commons

Climate justice advocates celebrated Tuesday in response to insurance giant AIG’s announcement that it will no longer invest in or provide insurance coverage for any new Arctic drilling activities nor will it finance or underwrite the construction of any new coal-fired power plants, thermal coal mines, or tar sands projects, effective immediately.

AIG also said that it will immediately stop investing in or underwriting “new operation insurance risks” of coal-fired power plants, thermal coal mines, or tar sands projects owned by corporations that derive 30% or more of their revenue from those industries or generate over 30% of their energy production from coal. Continue reading

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Putin is about to start the most senseless war in history

A view from Russia: no sanctions will stop Moscow, and its actions will drive more countries into NATO’s arms

By Greg Yudin  Puvlished 2-22-2022 by openDemocracy

Vladimir_Putin. Photo: Kremlin/CC

In the near future, a big war will begin – a war that we have not seen in the lifetime of my generation, and perhaps the previous generation too.

The Russian president, Vladimir Putin, last night formally recognised the separatist ‘People’s Republics’ in Donetsk and Luhansk in eastern Ukraine as independent territories. Now, he has ordered so-called ‘peacekeeping forces’ into the Donbas region.

Meanwhile, on the borders of Ukraine, Russia has gathered an army of 75% of all available forces. Belarus has officially confirmed that, following extensive exercises, Russian troops are not leaving Belarus. A few kilometres from Ukraine, tanks sit in Russian forests and fields – as can be seen in videos filmed in Russia’s Belgorod, Kursk and Bryansk regions, as well as in Belarus’ Homyel region. This military force is fully prepared for a large-scale operation – and is already in position to attack. Continue reading

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Day of Action for Biden to ‘Pick Up the Pen’ and Cancel Student Debt Announced

“We’re going to the Department of Education on April 4th to force Biden to cancel student debt,” said the Debt Collective.

By Kenny Stancil.  Published 2-14-2022 by Common Dreams

Progressive organizers on Monday announced an upcoming day of action to pressure President Joe Biden to use his executive authority to wipe out $1.8 trillion dollars in student loan debt.

On the RSVP page for the protest—scheduled to take place on April 4 at 12:00 pm ET at the Eisenhower Memorial in Washington, D.C.—the Debt Collective explained that “debtors and our allies are taking action to say: Pick up the Pen, Joe. Cancel student debt for all 45 million Americans.” Continue reading

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What would Western sanctions mean for Russia?

The unprecedented measures proposed by the US, the EU and the UK could create chaos in Russia’s economy and impoverish its population

By Isobel Koshiw.  Published 2-8-2022 by openDemocracy

Russian President Vladimir Putin Photo:: Kremlin.ru

Proposed Western sanctions could almost cut Russia out of the global financial system, creating chaos for the Russian economy and impoverishing ordinary Russians, experts have warned.

The measures threatened by the US, the EU and the UK if Russia incurs further into Ukraine would be unprecedented. Previous countries that have faced similar sanctions – such as North Korea and Iran – were peripheral to the global markets in comparison to Russia. Continue reading

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‘Alarming’: ALEC’s New Model Bill Would Penalize Banks for Divesting From Fossil Fuels

One critic called the proposal, which describes green investment policies as a form of “energy discrimination,” a “desperate attempt by fossil fuel companies and their lobbyists to maintain their profits.”

By Kenny Stancil. Published 12-8-2021 by Common Dreams

Marathon Petroleum’s Los Angeles Refinery in Carson, California, Photo: Marathon Petroleum

Progressives are sounding the alarm about a recently launched right-wing campaign that seeks to preempt green investment policies throughout the United States by portraying the financial sector’s potential turn toward clean energy as discriminatory—and introducing legislation that would punish banks and asset managers for divesting from fossil fuels.

The Koch-funded American Legislative Exchange Council (ALEC), which consistently pumps out reactionary bills mostly for state-level Republicans, held its States and Nation Policy Summit last week in San Diego. Continue reading

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Nuclear Weapons Ban Treaty Tied to ‘Historic Shift’ Away From ‘Perilous Profiteering’

“Financial institutions that continue investing in companies building nuclear weapons face regulatory risks as more countries join the treaty. They also face an increased reputational risk.”

By Jessica Corbett.  Published 11-11-2021 by Common Dreams

ICAN action against investments in nuclear weapons. April 2012, Melbourne. Photo: ICAN (Tim Wright)/flickr/CC

The latest Don’t Bank on the Bomb report, released Thursday, sheds light on the early impacts of a global treaty banning nuclear weapons worldwide while also exposing the companies and financial institutions responsible for continuing to build up governments’ arsenals.

The new report from the International Campaign to Abolish Nuclear Weapons (ICAN) and PAX comes as the world nears the one-year mark of the Treaty on the Prohibition of Nuclear Weapons (TPNW) entering into force after opening for signature in September 2017. Continue reading

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What is COP26? Here’s how global climate negotiations work and what’s expected from the Glasgow summit

U.N. climate summits bring together representatives of almost every country.
UNFCCC

Shelley Inglis, University of Dayton

Over two weeks in November, world leaders and national negotiators will meet in Scotland to discuss what to do about climate change. It’s a complex process that can be hard to make sense of from the outside, but it’s how international law and institutions help solve problems that no single country can fix on its own.

I worked for the United Nations for several years as a law and policy adviser and have been involved in international negotiations. Here’s what’s happening behind closed doors and why people are concerned that COP26 might not meet its goals. Continue reading

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Utilities Took $1.25 Billion in Pandemic Aid Then Shut Off Power to Households Nearly 1 Million Times: Report

“These companies took bailout dollars from taxpayers and turned around to lobby against shutoff moratoria proven to save lives.”

By Brett Wilkins, staff writer for Common Dreams. Published 9-30-2021

A new report from BailoutWatch and the Center for Biological Diversity reveals that leading U.S. utilities took $1.25 billion in pandemic relief funds even as they cut off power to vulnerable households nearly a million times. Photo: Matt Wiebe/Flickr/cc

Over a dozen leading U.S. utility companies took more than a billion dollars of publicly-funded pandemic bailout money while pulling the plug on power to vulnerable households nearly a million times, according to a new report out Thursday.

The Center for Biological Diversity and BailoutWatch report—entitled Powerless in the Pandemic: After Bailouts, Electric Utilities Choose Profits Over People—details how utilities used their political power “to secure bailouts that cost taxpayers $1.25 billion, cushioning them from the pandemic economy,” while disconnecting vital services from some of the most vulnerable U.S. households. Continue reading

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