New report: Fossil fuels receiving over 9 times more finance than renewable energy

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The world’s 25 largest private sector banks channelled at least USD 931 billion into fossil fuel companies in the period 2009-2014, according to a new report launched today by Fair Finance Guide and BankTrack, while over the same period the banks’ financing of renewable energy totalled USD 98 billion.

Alexandre Naulot, spokesperson at Fair Finance Guide International, said: “This analysis, the first international study to compare private sector bank financing of fossil fuels and renewable energy, identifies the alarming priority that banks have been giving to dirty energy over clean energy since 2009, the year of the Copenhagen climate summit.   ... →

World Council of Churches advises its members to refrain from fossil fuel investments

Climate change is a concept that over the past few years has become an international concern and now seems to have gained popularity amongst church representatives. Last week, the World Council of Churches, officially responsible for more than 550 million Christians in over 110 countries, asked its members to take a more socially responsible approach when investing money, requesting its associates to especially refrain from financially supporting companies, which by burning fossil fuels contribute to an increase in the global CO2 emissions.   ... →

Storebrand: Fossil Fuel Firms are “Financially Worthless”

Storebrand, a Norwegian Pension fund, has decided to pull out of fossil fuels following Carbon Tracker’s latest report, Unburnable Carbon 2013. Christine Tørklep Meisingset, Storebrand’s head of sustainable investment, was quoted from her press release on the blue&green tomorrow website as saying “these resources are worthless financially…they do not contribute to sustainable development in the extent and the pace we want.”

Read the full article here.   ... →