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Renewable Tuesday: Global Banks are our Next Big Target [1]

['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']

Date: 2025-02-25

The markets are speaking against fossil carbon investments. You can amplify their voices, and hold to account those who continue to deny, resist, and obstruct reality. The greatest US offenders are JP Morgan Chase, Citigroup, Goldman Sachs, and Bank of America. I recommend dumping banks completely, and giving your business to a local credit Union, as I and my wife and son have, at University of Illinois Community Credit Union. Get your local government and businesses to do likewise.

Bloomberg Intelligence: BNP, Santander, Barclays Rank as Best on Financed Emissions

Just 28 of the 53 largest global banks tracked by BI have set financed-emissions reduction targets for 2030 for the oil and gas, power generation, cement and steel industries that align with the benchmark for the International Energy Agency’s net zero by 2050 roadmap. Lending to these sectors fell 41% in 2023, driven by oil and gas-lending reductions. Regulations and political pressures are “diverging massively” between the EU and the US, and that’s resulting in “completely diametrically opposing pressures on banks,” Osborne said. The result is that most of the largest European banks have better BI Carbon Scores than their US competitors. For example, BNP Paribas’ score is 8.96, compared with Citigroup Inc.’s 7.33; and Santander’s score is 8.85, topping Goldman Sachs Group Inc.’s 6.92. JPMorgan Chase & Co.’s score is 6.29, Bank of America Corp.’s is 5.16 and Wells Fargo & Co.’s is 5.40.

Bloomberg: Sustainable finance in brief

BNP Paribas SA, Banco Santander SA and Barclays Plc stand out as the best among banks in terms of their current and forecast financed CO 2 emissions, according to analysts at Bloomberg Intelligence. Financed emissions are a measurement of greenhouse gases associated with a bank’s investments and lending activities to some of the most carbon-intensive industries. The data can be used to help determine a financial institution’s overall carbon footprint. Just 28 of the 53 largest global banks tracked by BI have set financed-emissions reduction targets for 2030 for the oil and gas, power generation, cement and steel industries that align with the benchmark for the International Energy Agency’s net zero by 2050 roadmap.

The caption below is wrongly stated. These are not the banks with the highest carbon investments, but those currently doing the best job of moving away from supporting carbon-intensive activities.

Also from Bloomberg Intelligence:

Rio Tinto Group, the world’s second-largest mining company, came out in support of corporate efforts to curb emissions, insisting pursuing green targets can add value.

For President Donald Trump’s operatives seeking to investigate corporate targets for diversity, equity and inclusion, far-right activists have already drawn up a list.

DEI has not been a regular Global Warming topic here, but in the minds of the maladministration, it all fits together.

[paywalled] The 45 Companies on the MAGA anti-DEI hit list

I have not been able to find a public source for the full list, but we know in general who they are—any company with a serious DEI policy and practices, currently being sued or threatened by the maladministration.

Conservative activists target “unlawful” corporate practices

Justice Department threatens firms with criminal investigation

Catastrophe bonds, whose returns have trounced those of high-yield debt markets in recent years, are about to become accessible to a wider group of investors.

The fires that swept through Los Angeles in January will have deep and long-lasting effects on the state’s already stressed insurance market. Here’s why.

The Nature Conservancy, Adirondack Land Agreement

stonykill

Thu Feb 20, 2025 at 08:32 AM EST

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