Tag: fossil fuel industry

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.”

Since March 26, the United States government "provided between $10.4 billion and $15.2 billion in direct benefits to coal, oil and gas companies" and nearly $95 billion in indirect benefits.

The Group's commitment to a global climate action plan makes them the latest major financial institution along with Morgan Stanley and Barclays.

Nothing can hide the painful economics facing these industries—no matter what President Trump says.

"Today more than ever we need to protect people and the planet, not polluters and their profits.

There’s no limit on how the new refunds can be used -- and even bankrupt firms can get them.

“The oil price collapse creates a historic opening: a public buyout of the fossil fuel sector to enact a managed decline of extraction and ensure a just transition for workers and communities.”

“This is a really key and important time to ensure those bailouts are not used to extend the lives of these companies, but instead are able to potentially take them into public ownership and then ensure that they aren't shedding worker commitments or community commitments or environmental commitments.”

"He may want voters to believe that boom times are just around the corner, but even before COVID-19, global investors and central bankers were warning that the smart money is moving out of fossil fuels."

As the crisis sweeps over the fossil fuel industry, the desperate calls for government help are dividing erstwhile allies.