World’s 8th Largest Bank Says the Party Is Over for Oil Companies: ‘We conclude that the economics of oil for gasoline and diesel vehicles versus wind- and solar-powered EVs are now in relentless and irreversible decline, with far-reaching implications for both policymakers and the oil majors’

August 12th, 2019 by Steve Hanley, BNP Paribas Says The Party Is Over For Oil Companies, in Clean Technica Does it seem to you as though the world is poised at the precipice of a major realignment of traditional thinking? A Volkswagen executive this week said electric cars will reach price parity with conventional cars in the near future, something that seemed nearly impossible …

Systemic financial risk

Excerpt “It’s a lot harder to dismiss the idea of systemic risk as ‘some scientist trying to make a buck’ when it’s central bankers who are saying it,” said Jamie Bonham, manager of corporate engagement at NEI Investments, a Toronto firm which manages $7.6 billion for investors. “They’re as conservative a group as you can get, so I do hope …

Now is the time for a World Carbon Bank

The Guardian, July 2019 excerpt It is high time to create a new, focused agency, a World Carbon Bank, that provides a vehicle for advanced economies to coordinate aid and technical transfer, and that is not simultaneously trying to solve every other development problem. Yes, I fully understand that the current US administration is reluctant to fund even existing international …

“THEORETICAL LIES” OF THE WORLD BANK. DEVELOPING COUNTRIES AND THE HIDDEN AGENDA OF THE “WASHINGTON CONSENSUS” What this really meant was that anything which might prove profitable should be handed over to the private sector. On the other hand, providing the infrastructure should fall to the public sector, since the costs needed to be met by society, to help out …

Public Banks Have Far Greater Financial Capacity Than We Think: We Need to Harness Democratized public banks for a green and just transition. Democratization example from Costa Rica.

By  Thomas Marois, Open DemocracyJuly 6, 2019 | EDUCATE!, STRATEGIZE! Public banks are resurgent, triggered by the failure of private finance to meaningfully confront the green transformation. But will resurgent public banks act in the public or private interest? How can progressives ensure public banks support a just green transformation? Democratization is the key. The turning point for public banks was really the UN’s 2015 Addis Ababa Action …

Why Black Credit Unions Matter for Financial Empowerment

OSCAR PERRY ABELLO, Next City, MAY 21, 2019 Concord Baptist Church in Brooklyn, where Concord Federal Credit Union is based. (Photo by Oscar Perry Abello) Chancellor Gregg needed to move, and quickly. He was on a month-to-month lease for his New York City apartment, which his landlord suddenly decided to terminate last winter. Moving is hard in any city, let …

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 …