October 28, 2020 Read More →

Financial giants leaving coal, oil, LNG, other fossil fuel platforms

Clean Technica:

Financial institutions have begun the long overdue process of restricting oil and gas funding. According to an October 2020 report generated by the Institute for Energy Economics & Financial Analysis (IEEFA), over 100 and counting globally significant financial institutions have announced their divestment from coal. Additionally, an IEEFA tracker indicates that 50 globally significant financial institutions have introduced policies restricting oil sands and/or oil and gas drilling in the Arctic, including 23 to date this year. 

They’re leaving coal, oil, LNG, fossil gas, oil sands, and Arctic drilling.

“Momentum is building against financing oil and gas projects,” explains IEEFA’s Tim Buckley, director of energy finance studies, in an IEEFA press release.

“Over 140 global financial institutions have already restricted thermal coal financing, insurance, and/or investment, and we are now seeing a similar accelerating shift of capital away from oil and gas exploration, starting with high risk oil sands development and drilling in the Arctic. This momentum in fossil fuel divestment globally means we expect a continuation of new announcements from other financial institutions seeking to better manage increasing climate risk.” 

[Carolyn Fortuna]

More: Global Financial Institutions Plan For Major Oil & Gas Lending Exits

Posted in: IEEFA In the News

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