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The Latest Breaking News from Reclaim Finance

Banks significantly increased fossil fuel financing in 2024, analysis finds

The annual Banking on Climate Chaos report found a shift in direction after fossil fuel financing had been decreasing over the previous four years.

Evening Standard

‘Climate bomb’ warning over $200bn wave of new gas projects

New liquefied natural gas projects could produce 10 gigatonnes of emissions by the end of the decade, close to the annual emissions of all coal plants

The Guardian - UK

Climate Change Poses Multiple Risks For Banks

Climate change poses risks to banks on several levels: it can directly impact their finances, tarnish their image and land them in the courtroom.

International Business Times

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BP ‘abandoning plan to cut oil output’ angers green groups

Reports of strategy reset leave campaigners saying company is prioritising profits over planet

The Guardian - UK

Abandoned Wells, Methane-Emission Loopholes and Underground Toxic Waste Dumps All Raise Concerns

Here are the world’s top banks financing fossil fuels — is yours on the list?

Capital & Main

Barclays accused of greenwashing over financing for Italian oil company

Exclusive: Environmental groups say bank is misleading public over ‘sustainable’ financing for Eni as company vastly expands fossil fuel production

The Guardian - UK

Many of the U.S. Banks Funding Coal Have an Unusual Carve-Out

They will still directly fund coal plants that are taking steps to abate their emissions using the untested technology.

Capital & Main

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Hundreds Of New Oil And Gas Projects Approved Despite Climate Crisis

More than 400 oil and gas projects were approved globally in the last two years despite calls to abandon all new hydrocarbon development, new figures showed as the UN COP28 climate talks opened Thursday.

International Business Times

Is Pennsylvania Governor’s Deal With Natural Gas Giant a PR Stunt? Some Think So.

Texas sees “bonanza” in carbon storage market, motivated more by money than emissions reductions.

Capital & Main

Banks still investing heavily in fossil fuels despite net zero pledges – study

Financial institutions signed up to GFANZ initiative accused of acting as ‘climate arsonists’

The Guardian - UK

Multinationals opening new gas sites, despite climate change warnings

Although scientists keep insisting that the planet needs to move away from its dependence on oil, gas and coal to effectively combat climate change, hydrocarbon development projects continue to emerge. Several countries, cities and NGOs are calling for a non-proliferation treaty on fossil fuels.

France 24

Investors’ climate pledges take center stage amid growing risks

World leaders renewed a call for climate action and a transition from fossil fuels as they convened at the 14th annual Climate Week in New York City.

Tribune News Service

Investors' climate pledges take center stage amid growing risks - Roll Call

At Climate Week in New York City, attendees urge global financial institutions to scale back the financing of oil, gas and coal projects.

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