Published earlier this week by BankTrack, Rainforest Action Network, the Sierra Club and Oil Change International, the Fossil Fuel Finance Report Card 2016 – entitled ‘Shorting the Climate’ – has already been making waves. Thanks to Naomi Klein, Bill McKibben and many others for pushing #shortingtheclimate out there on social media: it’s vital that the call goes out widely to the global banking sector urging an end to its multi-billion dollar support for fossil fuels.
RAN briefing finds pending $900 million deal threatens forests, peatlands and communities across Indonesia.
Indonesian palm oil firm BW Plantation (BWPT) approved last week a USD $900 million share rights offering in a bid to finance its merger with Green Eagle Holdings (GEH). New stock not purchased by existing shareholders will be traded on the Jakarta Stock Exchange (IDX) from Monday December 8.
RAN released a briefing note, available here, on the controversial deal today, alerting investors to poorly disclosed Conflict Palm Oil risks.
The deal expands BWPT’s holdings from just under 100,000 ha to over 400,000 ha, propelling it into the rank of Indonesia’s third largest palm oil company listed on the IDX. However, 75% of the new land bank – with holdings in Papua, Sulewesi, West, East and South Kalimantan and Sumatra – is unplanted and includes large tracts of rainforests, Indigenous and local community lands, and areas of carbon-rich peatlands.
The proposed expansion of the Abbot Point coal export terminal is running out of friends in the banking world. This week’s news that US giants Citigroup, Goldman Sachs, and JPMorgan Chase will not finance the proposed coal export terminals at Abbot Point bring the total number of banks to have made this commitment to nine. Even Morgan Stanley, currently in business with Adani over the partial sale of the existing coal export terminal at Abbot Point, acknowledge the environmental risks associated with the proposed new terminals and won’t provide funding to expand the coal port.
The campaign to stop bank financing of mountaintop removal coal mining is gaining momentum. For years, RAN and other organizations in the global BankTrack network have urged U.S. and European banks to stop financing the devastation caused by mountaintop removal (MTR) coal mining. BankTrack members have worked closely with advocates from Appalachia — the region hardest hit by MTR — including Paul Corbit Brown and Elise Keaton from Keeper of the Mountains, and Bob Kincaid from Coal River Mountain Watch. Together, they’ve travelled around the U.S. and Europe to speak directly to CEOs and boards of banks at their annual shareholder meetings and urge them to stop bankrolling mountaintop removal coal mining.
RAN’s “The Understory” blog
This could be the tipping point for the horrific practice of Mountaintop Removal coal mining.
Just this week, JPMorgan Chase updated its environmental policy, revealing that it will be ending financial relationships with Mountaintop Removal coal mining companies.
Wells Fargo and BNP Paribas/Bank of the West have recently taken similar steps. If the other major banks commit to stop financing mountaintop removal, fossil fuel companies will have no choice but to end the obliteration of mountains and poisoning of communities for coal.
The banking sector has a huge influence on climate change. Behind every energy carbon-emitting utility, fossil fuel company and infrastructure project you will find a complex web of financing: from underwriting and loans, to advisory services and asset management.
For the last decade, our team at RAN has been challenging banks to take responsibility and work to reduce these emissions.
Ben Collins, on Feb 4, 2013. Research and policy campaigner with RAN‘s Energy and Finance Program. Originally published on the Understory.
Alpha Natural Resources’s lawyers have had their hands full with environmental litigation lately, as we detail in a RAN Coal Risk Update released today. During 2012, environmental groups filed multiple lawsuits against Alpha over alleged water contamination from selenium at the company’s mountaintop removal mines.