Read the latest insights and analysis from the experts at Oil Change International.
Wet’suwet’en First Nation hereditary leaders filed a formal complaint against the Japan Bank for International Cooperation (JBIC) for financing LNG Canada, a massive fossil gas project that depends on a pipeline built without their consent, on their unceded land. Despite these violations, the project was completed and recently began commercial operation.
US main street banks like Wells Fargo and Bank of America have provided loans to Mountain Valley Pipeline since the beginning. These banks have continued pouring money into the project over recent years, despite numerous warnings that the project has been financially unsustainable, a threat to the climate and environmental justice communities in Appalachia.
La Banque Postale, which is a relatively small but progressive bank in France, has set an international precedent against oil and gas expansion. The bank, which was already committed to ensuring that its banking activities achieve net zero carbon emissions by 2040, announced a complete withdrawal from fossil fuels by the 2030. Will other banks now follow?
Central banks could play a critical role in catalyzing the rapid shift of financial flows away from oil, fossil gas, and coal, and toward the zero-carbon solutions required to confront the climate crisis. To date, however, this is still not happening.
If the EU Parliament is serious about the climate emergency, it must vote to reject the Projects of Common Interests (PCI).
Yesterday, the EIB announced it will end financing for fossil fuel energy projects from the end of 2021.
In these dark times, with daily doses of bad news of our growing climate emergency, we have to celebrate every climate victory we get. And last Friday there was one such victory.
The abuses, risks and climate pollution of the Atlantic Coast Pipeline have a clear set of financiers, led by the nation's largest commercial bank, Bank of America.
Last week, hundreds braved frigid temperatures and blinding snow for a series of actions demanding the US Bank end its funding of pipeline companies.
Across North America and beyond, a growing movement of communities, tribes, and cities is pushing banks to divest from dirty pipelines – going directly after the money that enables the construction of new fossil fuel infrastructure. Now landowners in Virginia and West Virginia are opening up a new front in the push to #DefundPipelines.
