Money havens obscure pieces of the fossil fuel #MoneyPipeline :

"68 per cent of the #FossilFuelFinancing provided by the world’s 60 largest banks is being granted to subsidiaries in secrecy jurisdictions. With their weak transparency laws, such jurisdictions allow fossil firms to hide details about their ownership structures and financial activity or enable them to pay lower taxes than they should."

https://taxjustice.net/2024/09/11/how-greenlaundering-conceals-the-full-scale-of-fossil-fuel-financing/#_ftn22

"#NewYork’s bill would prohibit insurers from underwriting new fossil fuel projects, require them to phase out support for existing projects, and force insurers to divest from fossil fuel companies. "

https://www.ciel.org/insuring-the-climate-crisis-new-york-bill/

If passed, this bill would throw some valves in the #FossilFuel industry's most important pipeline: the #MoneyPipeline.

This #MoneyPipeline is destructive

"The report shows high bank financing for the most climate-damaging fossil fuel practices:
Tar sands extraction
Ultra deepwater offshore drilling
Fracking

The top 60 banks by asset size unabashedly financed harmful practices to sensitive biomes: UniCredit committed $265 million to companies involved in Arctic drilling and Bank of America committed to companies extracting oil & gas in the Amazon biome to the tune of $162 million."

https://priceofoil.org/2024/05/14/banking-on-climate-chaos-2024-fossil-fuel-finance-report/

Shut down the #MoneyPipeline

"The 15th annual Banking on Climate Chaos (BOCC) report looked at how the top 60 #banks in the world are underwriting and lending to over 4,200 #FossilFuel firms.

Since the Paris Agreement to limit global warming was signed in 2016, these banks have financed fossil fuels with $6.9 trillion (€6.4 trillion). The report says $3.3 trillion (€3 trillion) - almost half of this amount - went towards fossil fuel expansion alone."

https://www.euronews.com/green/2024/05/13/banks-are-propping-up-the-fossil-fuel-industry-to-the-tune-of-65-trillion-new-report-finds

That sound you hear (faintly, for now), is the turning of valves in the most important pipeline of them all: the #MoneyPipeline.

"Banks in #Europe lead retreat away from oil and gas clients
Trend is expected to pick up amid tighter #climate regulations"

"Private credit managers are doing significantly more fossil-fuel deals now than just a few years ago, as they step into a void left by banks exiting assets they worry pose too big a climate risk."

https://www.bloomberg.com/news/articles/2024-03-25/private-credit-funds-see-huge-rise-in-fossil-fuel-deals-as-banks-walk-away

Investors worry more about risk to REPUTATION than risk to actual performance.

"Investors are more concerned about reputational risk to their company than the social and environmental impacts of the companies they invest in."

Whoa.
Sounds like the beginning of a strategy to reconfigure the #MoneyPipeline.

https://www.marketforces.org.au/info/reports/investor-disconnect-climate-risk/

2/

Alarm bells starting to go off in the #MoneyPipeline

"Markus Müller, #DeutscheBank's ESG Chief Investment Officer, has recently issued a warning to investors about the looming risk of sudden devaluation due to #ClimateChange. "

The implementation of #ClimateRisk disclosure rules in regions such as the #EuropeanUnion and #California has made potential losses increasingly apparent to investors."

https://au.investing.com/news/stock-market-news/deutsche-bank-warns-of-sudden-devaluation-risk-due-to-climate-change-93CH-3016245

That sound you hear is the creaking of valves which have long been stuck in the "fully open" position. The flow in the #MoneyPipeline to #FossilFuel companies is starting to be redirected elsewhere.

In the US, the red states that have been barred from considering ESG in their portfolios will be holding #StrandedAssets sooner or later.

https://oilprice.com/Energy/Energy-General/Climate-Change-Is-Investors-Most-Common-Motivation-To-Dump-Stocks.html

#California SB253 will finally force banks to disclose the #CarbonEmissions of their #MoneyPipeline:

"Big banks are bracing for a sweeping new climate law in California that would for the first time force them to calculate and disclose carbon emissions tied to lending. "

https://www.ft.com/content/88a9f9c8-46ea-4bbd-a678-3769ede55e36

"In 2022 alone, the world's biggest private-sector #banks still financed #coal, #oil, and #gas to the tune of $673 billion, the report notes, even as the #FossilFuel industry raked in a record-high $4 trillion in #profits amid Russia's invasion of Ukraine, which sent #energy prices soaring. "

#ClimateChange #ClimateJustice #MoneyPipeline
https://www.commondreams.org/news/big-banks-funding-fossil-fuels-since-paris

#RBC is "only" the largest lender, but they all lend to Big #fossilfuel even the ones with a net-zero pledge.

"According to the report, fossil fuel companies reaped $4 trillion in #profits in 2022, with 60 of the world’s top #banks providing $673 billion in financing."

#MoneyPipeline #ClimateChange
https://grist.org/energy/banks-with-net-zero-pledges-are-among-the-top-funders-of-fossil-fuels/

"LGIM said it would back proposals for a time-bound policy to phase out lending and underwriting for #FossilFuel #exploration and development at Citigroup, Bank of America, Wells Fargo, Goldman Sachs, JPMorgan Chase and Morgan Stanley"

"All the votes will go against the recommendations of the banks' management, #LGIM said."

LGIM has $1.5 tn under management and is a top-30 #shareholder in all of the banks.

#AGM #MoneyPipeline
https://www.reuters.com/business/finance/lgs-fund-arm-back-climate-votes-us-canadian-banks-2023-04-13/