Finance Ministers Coalition Helsinki Principles

Since the Paris agreement on climate change in 2015, 33 global banks have poured $1.9tn into financing fossil fuel projects worldwide. Furthermore, the World Economic Forum says that in 2018 coal use inched up and progress on energy efficiency slowed, while the World Economic Forum has concluded that growth in renewables is too slow to meet Paris goals. The result is that energy-related greenhouse …

Chase Bank: “#1 Funder of Climate Disaster” and “Toxic Assets”

Excerpt from Carolyn Fortuna on Clean Technica, 7 May 2019 – Fossil Fuel Complicity No Longer Hidden Behind ‘Fiduciary Duty’ The 2019 Fossil Fuel Finance Report Card points out that JPMorgan Chase was, indeed, the leader in fossil fuel complicity projects between 2016 and 2018 with $196 billion expended. Wells Fargo was a distant second with $156 billion. And JPMorgan Chase supports more …

Climate change is extremely costly. Banks are continuing to invest in fossil fuels. The financial sector must start to incorporate these risks

The financial sector must be at the heart of tackling climate change,Mark Carney, François Villeroy de Galhau and Frank Elderson, The Guardian, April 17, 2018 The NGFS encourages regulators to develop an adequate classification system to identify which economic activities contribute to the transition to a green and low-carbon economy. This will be particularly valuable in supporting financial actors to …

This is how to pay for the Green New Deal

As public banking expert Ellen Brown has highlighted, during the New Deal, the federal government’s Reconstruction Finance Corporation (RFC) lent over $2.5 billion in agricultural loans, backed vast infrastructure investments, and re-stabilized the economy through emergency loans to states and for disaster relief. By Sylvia Chi California Public Banking Alliance, This is how to pay for the Green New Deal, Mar 4, 2019  Dianne Feinstein, our …

Public Banking Update – March 2019. CA AB857 carves out a special charter for city-owned public banks, San Francisco and LA are pursuing it

“In California, we’re going to get this done!” AB857 carves out a special charter for city-owned public banks In dual press conferences Monday in Los Angeles and San Francisco, California legislators announced the introduction of AB857, a bill that would enable cities and regions to charter their own public banks and create a public banking network in the state.  The announcement …

The Economy for the Common Good: A Workable, Transformative Ethics-Based Alternative, by Christian Felber

By Christian Felber, Vienna University of Economics and Business and Gus Hagelberg, Coordinator for International Expansion of the ECG more, February 27, 2017,  MONEY & BANKING, DEMOCRACY & GOVERNANCE This paper by Christian Felber and Gus Hagelberg, published alongside three others, is one of many proposals for a systemic alternative we have published or will be publishing here at the Next System Project. You can read it …

2019 New Hampshire Bill Establishing a Public Bank

HB 367-FN – AS INTRODUCED 2019 SESSION 19-0146 11/08 HOUSE BILL 367-FN AN ACT establishing a state bank. SPONSORS: Rep. Marple, Merr. 24; Rep. Horrigan, Straf. 6  COMMITTEE: Commerce and Consumer Affairs —————————————————————– ANALYSIS This bill establishes a state bank. – – – – – – – – – – – – – – – – – – – – – …

Public Banking for Infrastructure Finance

By providing counsel, BND helps municipalities with limited knowledge of financial markets or the grant application process to access capital at lower rates and with cheaper transaction costs. Second, to address declining public revenues for infrastructure, BND’s direct low-interest loans allow it to leverage capital on terms that are favorable to the public. Finally, the centralized management of public funds …

The latent, unused power of citizens—and the production of public collateral

The latent, unused power of citizens—and the production of public collateral, Ann Pettifor, Democracy Collaborative and Next System Project, January 24, 2019, MONEY & BANKING Introduction It was just a montage of words uttered over a video in the summer of 2018. Soon the words went viral. They helped unseat a Wall Street-friendly Democrat—one primed to be the next congressional leader. They …

Power of public banking: Renewables generated 41% of Germany’s electricity in 2017, up from just 6% in 2000; and public banks provided over 72% of the financing for this transition.

The Financial Secret Behind Germany’s Green Energy Revolution The “Green New Deal” endorsed by Rep. Alexandria Ocasio-Cortez, D.-N.Y., and more than 40 other House members has been criticized as imposing a too-heavy burden on the rich and upper-middle-class taxpayers who will have to pay for it. However, taxing the rich is not what the Green New Deal resolution proposes. It says funding would …