Financial institutions are restricting fossil fuel funding
To date, over 100 and counting globally significant banks and insurers*, and asset managers and owners** have announced their divestment from fossil fuels including coal, oil, LNG, gas, oil sands and arctic drilling.
Many have also committed to reducing their fossil fuel exposure to align with the Paris Agreement’s emissions reduction target of 1.5 – 2.0° celsius.
When significant investors act, global momentum increases. The question now is, who’s next? IEEFA will continue to monitor announcements and will add or delete institutions pending implementation of said announcements.
* IEEFA defines globally significant financial institutions as banks and insurers / reinsurers as having assets under management (AuM) greater than US$10billion.
** IEEFA defines globally significant asset managers / owners as having assets under management (AuM) greater than US$50 billion.
Significant financial institutions are restricted from this tally if they have AUM<US$10billion, and/or the institution’s announcement has not been followed up with public disclosure, and/or the restrictions are selectively limited.