Despite talk of an energy transition and a wave of fossil fuel bankruptcies, big bank CEOs described plans to continue business with beleaguered fossil fuel industries.
Even amidst the global economic downturn, fossil fuel financing numbers were higher in 2020 than 2016.
The OCC’s new rule could stunt divestment campaigns by requiring major banks to justify each individual decision to regulators using “quantitative, impartial risk-based standards established by the bank in advance.”
The Group's commitment to a global climate action plan makes them the latest major financial institution along with Morgan Stanley and Barclays.
"We can structure a bank that actually is accountable to the people and does what the people want it to do."
“The fact that even the world’s worst fossil fuel banker wants nothing to do with Arctic Refuge drilling shows just how toxic an investment it would be."
“We are hopeful that this $3 billion penalty, along with the personnel and structural changes at the Bank, will ensure that such conduct will not reoccur.”
It's no secret that the driving force behind the fossil fuel industry's expansion is the financial industry. But the nation's leading climate...