October 21, 2020 Read More →

IEEFA identifies 50 major financial institutions curbing money for oil and gas lending

NS Energy:

Global financial corporations are cracking down on major oil and gas lending as investor appetite for high-polluting fossil fuels continues to dwindle.

According to a new tracker developed by the Institute for Energy Economics and Financial Analysis (IEEFA), 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.

This comes as investors are starting to turn their attentions towards increasingly-cheap renewable alternatives such as wind and solar.

Tim Buckley, the IEEFA’s director of energy finance studies and co-author of a new briefing note on global financial institutions divesting from oil and gas, said “momentum is building against financing oil and gas projects”.

“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.” 

[James Murray]

More: How are global financial corporations cracking down on major oil and gas lending?

Posted in: IEEFA In the News

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