Sep 082016
 
By Lucie Pinson, Friends of the Earth France, and Yann Louvel, BankTrack, 8 September 2016

With November’s COP 22 meeting in Marrakech fast approaching, the commitments made by French banks in 2015 à propos their financing of the coal sector are being seen for what they are: highly mixed. For one thing, Natixis confirmed, in its first such publicly declared sectoral policy, that it is ending project financing for all new coal plants – worldwide. Yet, in an indication of gaping flaws in their climate commitments adopted just before COP 21 in Paris last year, Crédit Agricole and Société Générale are involving themselves in several coal power projects, most notably in Indonesia.

Friends of the Earth France and BankTrack believe that Crédit Agricole and Société Générale must immediately withdraw from projects which are inconsistent with the Paris Agreement, and they must also, along with BNP Paribas, face up to and engage in forthcoming climate events by bringing a definitive end to all of their financing for coal projects. Continue reading »

Sep 022016
 
By Patrick Scott, London Mining Network, 2 September 2016

The US banking giant JPMorgan Chase has recently announced that it has taken a 9.12% holding in the Australian mining company Danakali. On its company website Danakali describes its main focus as the Colluli Potash Project in Eritrea which it owns jointly with the Eritrean National Mining Company. JPMorgan though is no stranger to mining in Eritrea – it already has a financial interest in the Canadian mining company Nevsun Resources who have a 60% interest in the Bisha copper and zinc mine in Eritrea. Continue reading »

Jun 202016
 
By Yann Louvel and Greig Aitken, BankTrack, 20 June 2016

The dust has now settled on this year’s bank AGM season in Europe. However, with new, progressive coal financing policy announcements thin on the ground, it’s been more a case of the dust gathering on the coal finance toolkits of most of Europe’s big banking names. And this in spite of the usual concerted advocacy from coal campaigners and the growing urgency for the banks to quit coal.

BankTrack issued five new coal banks briefings for the 2016 AGM season, analysing the advances which took place last year in the coal policies of banks such as Crédit Agricole and Royal Bank of Scotland, and pointing out some of the loopholes which remain with the potential to leave a host of climate destructive investments firmly on the banks’ radar. Continue reading »

Jun 172016
 
By Greig Aitken, BankTrack, 16 June 2016

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. Continue reading »

Mar 082016
 
By Yann Louvel, BankTrack, 8th March 2016.

Swiss bank UBS has been making headlines in recent weeks as the latest major international bank to be facing the embarrassment of a legal probe into alleged tax malfeasance. As a formal investigation in Belgium opens into the practices of UBS, the prosecutor’s office in Brussels claimed at the end of February that “UBS is suspected of forming a criminal organization, money laundering and serious tax fraud.”

Far less publicity, however, has surrounded the Swiss bank’s belated catching up with the rush of forward momentum from major banks which announced new coal financing policies in 2015. UBS, currently BankTrack’s number 13 ‘coal bank’ with over €11 billion in financing to the coal sector between 2005 and April 2014, has also, it would appear, started to see the light on coal. Continue reading »

Dec 222015
 
By Oleg Savitsky (NECU) and Greig Aitken (BankTrack), 22 December 2015

Almost two months ago, NECU and BankTrack issued an Investor Alert describing the circumstances which had forced Ukraine’s biggest coal company, DTEK, to seek a debt restructuring agreement with a host of European banks, including Dutch ING, Italy’s UniCredit and Austria’s Erste Bank. The troubled coal giant has been seeking a delay in the payment of most of its $3 billion debt. Continue reading »

Sep 092015
 
By Yann Louvel and Greig Aitken, BankTrack, 9 September 2015

We’ve just published the latest additions to our series of coal bank briefings, and it’s a triple whammy of information assessing the coal finance and associated policies of the UK’s three biggest banks: Barclays, HSBC and RBS.

The three also happen to be the UK’s top three coal banks, having coughed up a combined total of more than £30 billion for the most climate-damaging fossil fuel sector between 2005 and April 2014. The new briefings focus on each bank’s policy approach to coal mining and coal power finance, and describe a variety of legacy investments to the coal industry that are still looming large with damaging impacts for the environment, the climate and local communities. Continue reading »

Jun 032015
 
By Yann Louvel and Greig Aitken, BankTrack, 3 June 2015

It must have been a bewildering scene at the Paris headquarters of Crédit Agricole last Wednesday when the news came through that rival bank BNP Paribas would be joining other French multinationals such as EDF, Engie, Renault Nissan and Air France as official sponsors of the United Nations Climate Summit (COP21) to be held in the French capital at the end of the year. Continue reading »

Nov 042014
 

By Julien Vincent, Market Forces, Ben Collins, Rainforest Action Network and Yann Louvel, BankTrack, 30 October 2014, originally published on Renew Economy

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.

Continue reading »

May 222014
 

By Yann Louvel, BankTrack, and Ben Collins, Rainforest Action Network, 21 May 2014

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.

Continue reading »