Who Is Bankrolling Climate Change?

Bankrolling Climate Change NGOs present groundbreaking research on banks’ involvement in coal financing. The State of South Carolina Retirement System invests in many of the worst offenders.

We all know that climate change is happening.
But do we know who is financing the dirty energy investments that are heating up the globe?

Until now, little was known about banks’ role and responsibility for global warming. While most large commercial banks provide figures on their annual investments into renewable energy, they neither track nor publish their annual investments into fossil fuel projects. Many banks have made farreaching statements on climate, but are they putting their money where their mouth is?

This study presents new research on the portfolios of 93 of the world’s leading banks. It examines their lending for the coal industry, the prime source of global CO2 emissions. It provides the first comprehensive climate ranking for financial institutions and identifies the top “climate killers” in the banking world.

FYI: European Green Party on Durban Climate Talks

 Note:   The 17th Conference of the Parties (COP17) to the United Nations Framework Convention on Climate Change (UNFCCC) has just concluded in Durban, South Africa.  The following resolution by the European Green Party sets out a point by point overview of what is at stake in the Durban negotiations.   The Canadian Green Party also has a good resource page devoted to the conference. Find the original of the EU Greens resolution here, bolding below is as in the original.

For an overview of the Durban conference from the BBC, please see here.

UN climate change negotiations in Durban, South Africa (COP17)

Congress Resolution adopted as amended European Green Party Congress • 11 – 13 November 2011 – Paris

Adopted Congress Resolution:

COP17 Durban- Making Up for Lost Time

The European Green Party Congress…

1. Notes with ever-increasing concern that progress in the Climate Change negotiations are proceeding at an irresponsibly slow pace and that the global community needs to rediscover the political will to make radical improvements in our climate policies. The planet is fast running out of time and patience!;

2. Considers that all parties to these negotiations must ensure that the COP 17 meeting in Durban in late November 2011 represents a turning point in multilateral climate negotiations and that they must forge legally binding agreements, which will contribute to securing the future against climate-related threats to the well-being of our planet and to its citizens;

3. Demands therefore that the Durban climate conference must make up for lost time in international climate negotiations and agree on:

• A peak year for global emissions of 2015 and a 2050 reduction target of at least 80% globally and 95% for Annex I countries, and establishing a process to address the gigatonne gap between current mitigation pledges and the objectives of limiting climate change to levels, not exceeding a temperature rise of 1.5°C;

• A second commitment period for the Kyoto Protocol 2013-2017, closing forest management accounting and hot air loopholes, to ensure environmental effectiveness of the reduction targets;

• A mandate with a timetable for a legally binding outcome to be implemented by 2015 under the Convention track, including industrialised countries as well as emerging economies and developing countries;

Letter to the Editor: Platt laments Charleston Council’s rejection of Green Plan

Wednesday, December 16, 2009

Editor
The Post and Courier
Charleston, South Carolina

Greetings:

How unfortunate that, just ten days before Christmas, Charleston City Council found itself lacking sufficient courage to adopt the Charleston Green Plan: Sustainability & Climate Protection for the 21st Century Council’s adoption would have been an extraordinary gift not only for their constituents, but also for everyone in the larger community. After all, to paraphrase John Donne’s famous sermon, “No city is an island, entire of itself. Any city’s shortcomings in sustainability diminishes the others, because all are involved in mankind. Therefore, never send to know for whom the bell tolls; it tolls for thee.”

Adoption of the Charleston Green Plan is a rare policy issue that transcends consideration of “liberal versus conservative.” Truly, it is one of “responsible versus irresponsible.” We pray City Council will act responsibly when it revisits this issue next year.

As articulated in its “Ten Key Values,” the Green Party is on the cutting edge of environmental responsibility: “We support a sustainable society which utilizes resources in such a way that future generations will benefit and not suffer from the practices of our generation.” City Council—as well the State Legislature and Congress—would do well to follow our lead. (See www.gp.org)

Sincerely,
Eugene Platt
Member, Steering Committee
South Carolina Green Party

Link:

• Charleston Green Initiative (City of Charleston site)

Link to PDF:

• Charleston Green Plan: Sustainability & Climate Protection for the 21st Century