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#moneypipeline

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CelloMom On Cars

Money havens obscure pieces of the fossil fuel #MoneyPipeline :

"68 per cent of the #FossilFuelFinancing provided by the world’s 60 largest banks is being granted to subsidiaries in secrecy jurisdictions. With their weak transparency laws, such jurisdictions allow fossil firms to hide details about their ownership structures and financial activity or enable them to pay lower taxes than they should."

taxjustice.net/2024/09/11/how-

Tax Justice Network · How “greenlaundering” conceals the full scale of fossil fuel financingOur new report raises the alarm on “greenlaundering” and urgently calls on governments to push for a UN tax convention that promotes transparency.
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CelloMom On Cars

"#NewYork’s bill would prohibit insurers from underwriting new fossil fuel projects, require them to phase out support for existing projects, and force insurers to divest from fossil fuel companies. "

ciel.org/insuring-the-climate-

If passed, this bill would throw some valves in the #FossilFuel industry's most important pipeline: the #MoneyPipeline.

Center for International Environmental Law · Insuring the Climate Crisis: New Bill Aims to Rein in Predatory Insurance Practices - Center for International Environmental LawA new bill proposed in the New York State Legislature aims to use state regulatory authority over insurance markets to address runaway insurance costs and growing coverage gaps driven by mounting climate change impacts.
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CelloMom On Cars

"Climate-focused venture capital firm Clean Energy Ventures said Wednesday it raised $305 million for its second fund.

The fund was oversubscribed amid investor appetite for emissions-reducing technologies."

nbcchicago.com/news/national-i

New valves are opening in the #MoneyPipeline

NBC Chicago · Clean Energy Ventures raises $305 million to back early-stage climate startupsBy Pippa Stevens,CNBC
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CelloMom On Cars

This #MoneyPipeline is destructive

"The report shows high bank financing for the most climate-damaging fossil fuel practices:
Tar sands extraction
Ultra deepwater offshore drilling
Fracking

The top 60 banks by asset size unabashedly financed harmful practices to sensitive biomes: UniCredit committed $265 million to companies involved in Arctic drilling and Bank of America committed to companies extracting oil & gas in the Amazon biome to the tune of $162 million."

priceofoil.org/2024/05/14/bank

Oil Change International · Banking on Climate Chaos 2024: Fossil Fuel Finance Report - Oil Change InternationalBanks financed fossil fuels by $6.9 trillion dollars since the Paris Agreement; $705 billion provided in 2023 alone; JP Morgan Chase, Mizuho, and Bank of America are worst 3 funders
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CelloMom On Cars

Shut down the #MoneyPipeline

"The 15th annual Banking on Climate Chaos (BOCC) report looked at how the top 60 #banks in the world are underwriting and lending to over 4,200 #FossilFuel firms.

Since the Paris Agreement to limit global warming was signed in 2016, these banks have financed fossil fuels with $6.9 trillion (€6.4 trillion). The report says $3.3 trillion (€3 trillion) - almost half of this amount - went towards fossil fuel expansion alone."

euronews.com/green/2024/05/13/

euronewsBanks are propping up fossil fuels to the tune of €6.5 trillionBarclays, Santander and Deutsche Bank were among Europe’s biggest fossil fuel financers in 2023.
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CelloMom On Cars

That sound you hear (faintly, for now), is the turning of valves in the most important pipeline of them all: the #MoneyPipeline.

"Banks in #Europe lead retreat away from oil and gas clients
Trend is expected to pick up amid tighter #climate regulations"

"Private credit managers are doing significantly more fossil-fuel deals now than just a few years ago, as they step into a void left by banks exiting assets they worry pose too big a climate risk."

bloomberg.com/news/articles/20

Bloomberg · Private Credit Funds See Huge Rise in Fossil Fuel Deals as Banks Walk AwayBy Natasha White
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CelloMom On Cars

#MoneyPipeline under scrutiny:

"The U.S. Treasury Department's Office of the Comptroller of the Currency (#OCC) carried out its first #ClimateRisk assessment of more than two dozen banks in recent months, laying the groundwork for heightened scrutiny of Wall Street's accounting for such threats.

The regulator used the discovery review to establish a baseline of banks' practices so it has a yardstick with which to assess their progress in implementing the guidance."

reuters.com/sustainability/cop

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CelloMom On Cars

Four banks quit initiative assessing #climate targets

"The lenders have abandoned efforts for the Science Based Targets Initiative (#SBTi) to validate their goals because of concerns it could hinder their ability to continue financing #FossilFuels, the sources said."

Um.
This shows two things:
1. SBTi is effective
2. You can tell exactly which banks are unwilling to close the #MoneyPipeline to the planet wreckers.

reuters.com/sustainability/fou

Reuters · Exclusive: Four banks quit initiative assessing climate targetsBy Tommy Wilkes
Replied in thread
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CelloMom On Cars

@JackRS1

What drives it varies: from consumer subsidies to tax breaks to producers.

If you think the chart is shocking wait till you see the total: $7 tn in 2022 if you count all the externalities like healthcare costs from air pollution.

Even before the war in Ukraine, the total was $ 6 tn.
Estimated by that socialist bunch, the IMF.

reuters.com/business/energy/to

We should totally close that valve in the #MoneyPipeline and re-direct the flow.

@urlyman

Reuters · Total spending on fuel subsidies topped $7 trillion in 2022, IMF saysBy Libby George
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CelloMom On Cars

"An #ImpliedTemperatureRise is typically calculated based on projected future greenhouse gas #emissions. It estimates the increase in global temperatures that would occur by 2100 if the whole economy were to overshoot its carbon budget to the same degree as a fund’s portfolio."

This could be very useful IFF it is truly "hard to game".

#ITR #investing #MoneyPipeline
bloomberg.com/news/articles/20

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CelloMom On Cars

Alarm bells starting to go off in the #MoneyPipeline

"Markus Müller, #DeutscheBank's ESG Chief Investment Officer, has recently issued a warning to investors about the looming risk of sudden devaluation due to #ClimateChange. "

The implementation of #ClimateRisk disclosure rules in regions such as the #EuropeanUnion and #California has made potential losses increasingly apparent to investors."

au.investing.com/news/stock-ma

Investing.com Australia · Deutsche Bank Warns Of Sudden Devaluation Risk Due To Climate ChangeBy Investing.com
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CelloMom On Cars

That sound you hear is the creaking of valves which have long been stuck in the "fully open" position. The flow in the #MoneyPipeline to #FossilFuel companies is starting to be redirected elsewhere.

In the US, the red states that have been barred from considering ESG in their portfolios will be holding #StrandedAssets sooner or later.

oilprice.com/Energy/Energy-Gen

OilPrice.com · Climate Change Is Investors' Most Common Motivation To Dump StocksBy Tsvetana Paraskova
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CelloMom On Cars

#California SB253 will finally force banks to disclose the #CarbonEmissions of their #MoneyPipeline:

"Big banks are bracing for a sweeping new climate law in California that would for the first time force them to calculate and disclose carbon emissions tied to lending. "

ft.com/content/88a9f9c8-46ea-4

Financial TimesBanks brace for California law mandating emissions disclosureBy Patrick Temple-West
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CelloMom On Cars

Banks trying to weasel out of their responsibility for carbon emissions in their #MoneyPipeline

"The majority of #banks comprising an industry working group backed a plan earlier this month to exclude two-thirds of the #emissions linked to their #CapitalMarkets businesses from being attributed to them in #CarbonAccounting.

The working group's members are Morgan Stanley, Barclays, Bank of America, Citigroup, HSBC, BNP Paribas, NatWest, and Standard Chartered"

reuters.com/business/banks-vot

ReutersExclusive: Banks vote to limit accounting of emissions in bond and stock salesBy Tommy Wilkes
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CelloMom On Cars

@Lats

This tells you the importance of framing:
It used to be that "fiduciary duty" meant financial and company bosses had to go for the highest bottom line no matter what, and ignoring "externalities".
But now "fiduciary duty" includes protection from the mounting climate risks.

Now the power of all that money will be redirected to climate action, as that is what will protect those assets.

In a way, the #MoneyPipeline is the most important pipeline.

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CelloMom On Cars

"The [#banking] industry needs to explain its #climate measures more accurately.

But perhaps most importantly, the researchers said, if the financial industry is to help in the fight to slow #GlobalWarming, it must stop actively working to make it worse.
Financial firms must stop lobbying against climate action and require their clients and the companies they invest in to do the same."

#MoneyPipeline
bloomberg.com/news/articles/20

BloombergWhy Wall Street’s Climate Efforts Are FailingBy Saijel Kishan
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CelloMom On Cars

Subsidies are a huge #MoneyPipeline

"The world finds enormous sums of #money each year for often inefficient and environmentally damaging subsidies to agriculture, fishing, and #Fossil Fuels. How much are we talking about? An enormous amount, it turns out.

Fossil fuel #subsidies are only part of the global subsidy glut. Add direct government expenditures in #agriculture and #fishing to the mix, and you have $1.25 trillion a year"

blogs.worldbank.org/voices/hid

World Bank BlogsHiding in plain sight: The missing trillions for climate changeThe world finds enormous sums of money each year for often inefficient and environmentally damaging subsidies to agriculture, fishing, and fossil fuels. How much are we talking about? An enormous amount, it turns out.
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CelloMom On Cars

"The goal of the $50 million #Massachusetts Community Climate Bank is to increase investment in the reduction of greenhouse gas #emissions from the #building sector, focused in large part on #affordable and public #housing developments, said Healey, a Democrat."

A welcome change in the #MoneyPipeline

apnews.com/article/green-bank-

Associated PressMassachusetts creates 'green bank' to help tackle climate change, housing crunchBOSTON (AP) — Massachusetts is launching what Gov. Maura Healey described Tuesday as the nation’s “first green bank dedicated to affordable housing" — an effort to address two of the state's top challenges: grappling with the effects of climate change and easing a dire housing market.
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