October 27, 2020 Read More →

Financial exodus from fossil fuel projects continues to grow

Novethic:

It’s a weak signal that is growing in strength: large financial institutions that refuse to invest in coal are beginning to exclude certain oil and gas activities. For IEEFA – an Australian institute specializing in economic and financial analysis of the energy sector – their policies signal broader disengagement from all fossil fuels.

“We are now seeing an accelerating shift,” says Tim Buckley, Director of Energy Finance Studies at the institute. He adds, “It began in 2017 with exclusion policies on oil sands development and Arctic gas exploration. The World Bank and French financial actors BNP Paribas, AXA, and Crédit Agricole were the first major financial institutions to introduce these policies. There are now around 50 institutions, with a European majority, and an inevitable trend is emerging“.

The IEEFA highlights the emblematic case of the European Investment Bank (EIB), which in 2019 committed to phasing out fossil fuel financing by 2022, and they believe that it is leading the way. For this reason, the IEEFA provides an open database that details the commitments made by hundreds of financial institutions and indicates the proportion that this represents in the volume of assets managed by every financial actor category (banks, insurance, asset managers, pension funds). 

[Ann-Catherine Husson-Traore]

More: Exclusions From The Most Controversial Oil And Gas Projects Signal A Broader Movement

Posted in: IEEFA In the News

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