Wall Street’s greenwashing is a renewed threat to the planet
3 years, 8 months ago

Wall Street’s greenwashing is a renewed threat to the planet

Salon  

Fourteen months ago, Larry Fink, the CEO of BlackRock, the world's largest money manager, wrote a letter warning that climate change was on the verge of "fundamentally reshaping" the financial sector. Reducing humanity's greenhouse gas emissions is a race against time, and no bank should be taken seriously if its 2050 climate promises are not accompanied by actions that immediately exclude financing for the coal mines and tar sands pipelines that we know are incompatible with reigning in catastrophic climate change. It's a loophole the size of Arctic Wildlife Refuge, and, even after the adoption of its new policy, Chase loaned $825 million to companies engaged in Arctic drilling last year, more than any other bank. This is what makes it so egregious that last month, after climate campaigners launched a concerted effort to convince banks not to fund the Line 3 boondoggle, a coalition of major banks decided to cancel a $2.2 billion loan to Enbridge Energy ― and replace it with an $800 million "sustainability-linked" loan.

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