Climate groups respond to Climate Finance Day announcements at COP26
Stop the Money Pipeline organizations respond to Morgan Stanley’s new 2030 targets, the British Treasury’s new requirements
Morgan Stanley announced new 2030 targets to reach its commitment to net-zero financed emissions by 2050, including goals for 29 and 58 percent reductions in “financed emissions lending intensity” from the bank’s energy and power portfolios, respectively, by 2030 (Sierra Club and RAN statement here)
The British Treasury will have new requirements for firms to publish net zero transition and decarbonization plans in alignment with the goals of the Paris Agreement (Stop the Money Pipeline release here)
At least 20 countries have agreed to stop funding fossil fuel projects abroad
Several major UK banks have signed up to the Power Past Coal Alliance, committing to end the world’s dependence on coal
“When our grandkids look back at this critical tipping point and ask what we did, do the institutions that fund climate crisis think greenwashing and largely toothless policies will suffice?” said Tara Houska, tribal attorney and founder of Giniw Collective. “Net-zero commitments while *still funding fossil fuel expansion* is like throwing a bucket of water on one side of a burning building while splashing more gas on the other side. The world’s major financiers are largely sticking to entrenched industry bottom lines — the bottom line of climate disaster is far, far worse.”
“We can not continue to ignore the biggest elephants in the room: Fossil fuel companies. There is no mention of the F words at all in this new declaration from the Net Zero clubs. We can not keep under 1.5 degrees if financial institutions don’t stop funding coal, oil and gas companies particularly those actively applying for and building new fossil fuel infrastructure like coal mines, tar sands pipelines and deep sea drilling. These commitments by private finance, including the world’s largest fossil fuel financiers, seem more like smoke and mirrors than real climate action.” Richard Brooks, Climate Finance Director Stand.earth. Stand.earth manages the Global Divestment Commitments Database. Nearly 1500 institutions with assets over $39 trillion have committed to some form of fossil fuel divestment.