Tagged: finance

finance

One day after a hoax impersonation shamed Mizuho and other banks for financing new coal power plants against their own industry standards, the real Mizuho announced that they plan to limit their coal-financing policies in the future. Sadly, that real resolution isn't more binding than the fake one.

Despite some banks announcing moves to limit coal finance, Japan's major commercial banks still enable new coal power plants to be built and operated in countries most vulnerable to their social and environmental impacts, including Indonesia and Vietnam, among others.

Read our draft of the Equator Principles 4 and press releases here.

Read the "coming clean" press release here.

Interested stakeholders (i.e. concerned earthlings) should submit feedback for the real EP4, encouraging them to add effective grievance mechanisms, increase transparency, and build in consequences for members like Mizuho, MUFG, and SMBC who break their own industry-standard rules.

For more information and to take action:

Equator Banks Act

No Coal Japan

350.org

Divest Invest Protect

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In the early morning of January 16, a few hours before announcing their fourth-quarter 2018 earnings, Laurence Fink, CEO of the biggest asset management company, received an email copy of his annual letter to investors. There was just one problem: he had not sent the real one out yet.

The letter, posted to a website made to look like BlackRock corporate, was a hoax pressuring Fink’s company—the world’s largest owner of fossil fuels including coal—to actively reduce their stake in climate destruction. It went viral on Twitter and was covered by the Financial Times before being revealed as fake. Since then, the hoax has been described in Business Insider, Barron’s, Financial News, the New York Post, Institutional Investor, and Axios.

The rogue letter, which the Yes Men sent to the media and thousands of BlackRock employees, falsely announced that the company would be taking on climate change by laying out a series of feasible steps that would improve global stability and thus long-term returns: First, BlackRock would make all investments screen out fossil fuels by default, so that clients will need to actively opt-into societal and ecological collapse; and second, BlackRock would compel fossil-fuel companies to align their business models with the Paris Agreement to combat climate change.

Fink's real letter, released the following day, made no mention of climate change and was a great disappointment compared to the feasible ideas proposed in the hoax letter.

Read the fake letter here, fake response here, and the reveal here.

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February 27, 2013
FOR IMMEDIATE RELEASE

EIB will exclude all future coal finance as part of its new energy policy

Brussels - The European Investment Bank (EIB) will no longer finance coal fired power plants. The decision is being made in the context of the ongoing review of its Energy Lending Policy in order to better align the bank’s operations with the long-term climate objectives of the European Union. The EIB is the largest international financial institution to exclude coal from its lending operations. 
 
Ahead of a presentation in Brussels of the EIB’s 2012 lending activities, EIB president Werner Hoyer said, “In January the Governors of the European Investment Bank unanimously voted to increase the bank’s capital base by EUR 10 billion in order to finance priority sectors including clean energy. Their decision is an unambiguous message that the EIB is committed to achieving the climate objectives of the European Union, including the long-term perspective set out in the 2050 energy roadmap. Restricting support for fossil fuels sends two important signals: a political one to the world that the EIB is a leader on action to combat climate change, and a financial one to the capital markets that the EIB sees energy efficiency and renewable energy as the investments of the future.”
 
In recent years, the EIB has significantly increased its lending to renewables and energy efficiency. In 2010, Climate Action lending had already reached 30 percent of the bank’s overall portfolio, a positive trend which will continue under the new Energy Lending Policy. 
 
The EIB, which last year allocated approximately twenty percent of its EUR 60 billion portfolio, or EUR 13 billion, to the energy sector, will continue to boost its support for energy efficiency and renewable energy projects. As much as 60 percent of EIB lending could be allocated to the Climate Action Programme by 2020.
 
Press Contact:
Philippe Wallace,  +32 484 610 931, p.wallace@europeaninvestmentbank.org
Press office: +32 2840 5948, press@europeaninvestmentbank.org
 
Notes to Editors:
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

 

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