Even After Paris Climate Talks, Biggest Banks Continue to Invest In Eco-No-No Fossil Fuels

Posted by on June 15, 2016 in Climate Change, Eco-Friendly, Environment with 5 Comments

fossil fuel report card

Source: EcoWatch

The seventh edition of an annual report, Shorting the Climate: Fossil Fuel Finance Report Card 2016, embarks on new territory to evaluate the bank policies and exposure of 25 U.S., European and Canadian banks in extreme fossil fuels—the most carbon intensive, financially risky and environmentally destructive sub-sectors. This includes coal mining, coal power, extreme oil (tar sands, Arctic oil, ultra-deep drilling) and North American liquefied natural gas export.

The report card, which also graded banks on their human rights policies, shows that banks performed poorly in all sectors. Levels of exposure were high across the board on the order of tens or hundreds of billions of finance for extreme fuel companies, demonstrating that banks are locking the world onto a path of major climate instability. Grades on policies were also poor, with an overall D average for the report card, showing that a vast majority of banks have no significant policies in place to stop funding extreme fossil fuels.


“In finance terms, ‘short-selling’ or ‘shorting’ is when an investor profits if a company or asset declines in value,” Jason Opeña Disterhoft, senior campaigner with Rainforest Action Network, said. “It means betting on failure. After the Paris agreement, financing extreme fossil fuels amounts to shorting the climate. These bets are also at the expense of some of the most vulnerable communities living in fossil fuel ‘sacrifice zones’ around the world. We need banks to move now to help pivot the economy away from extreme fossil fuels for the sake of the planet and its people.”

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  1. Take all our money out of the banks and let the entire system crash. Then start an entire new system from the bottom up. The bankers are one of the many reasons our world is suffering. Corporate greed. They are going the right way about destroying the planet. Just look at what the banks did to Europe. Look at countries that had bailouts Greece, Ireland, Spain and Portugal. Bankers are the problem of the world.

  2. Yeah righto, so why don’t you ask the @ 10% of the worlds population that uses more than 50% of all natural resources? I’me in the bottom 60% WP ,I use little, and I don’t give a damn.

  3. Because they now have direct backing of taxpayers if their business dealings goes bad. And the CEO’s will still get their big bonuses.

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