The coronavirus pandemic is a symptom of the alarming ecological situation that demonstrates the urgency of halting climate change and the collapse of biodiversity. There is no time to lose and all our energy must now go into rebuilding a fairer and more inclusive future and a resilient and sustainable economic and financial system.
Reclaim Finance intends to contribute to these efforts, by accompanying financial actors willing to deeply transform their activities in order to put them at the service of this project, but also by denouncing those who, through laziness or greed, reproduce old patterns and support a development dependent on fossil fuels.
We are proud to join the Friends of the Earth France federation and to strengthen the French and international associative landscape with a new organisation 100% dedicated to finance and social and climate justice.
40 French financial institutions, grouped in 25 groups, now have policies limiting their financial services to the thermal coal sector. These numbers are expected to increase following the commitment made by the Paris financial place in July 2019 that all French financial players must have adopted an exit policy from coal by mid-2020.
Beyond quantity is the issue of quality. Today, the analysis shows that only 5 financial players have an effective policy to support coal’s exit in the time frame required to meet the 1.5°C target.
In order to find itself in the meanders of the different policies, Reclaim Finance puts online an updated and detailed analysis of the policies adopted by the financial actors to frame their services to the coal sector.
45 NGOs and think tanks including Reclaim Finance call on the ECB to follow 5 key rules in its monetary and prudential policy in order to link economic responses to the crisis to the construction of a resilient, fairer and more sustainable economy.
“The transformation of our socio-economic system towards carbon neutrality in 2050 must be integrated from now on in the plan to recover the economy from the current crisis,” says the Banque de France.
Due to the significant interests of the American giant in fossil fuels as well as in banks, which will have to comply with ESG regulations, the risk of conflict of interest is major. The NGOs call on the Commission to cancel the contract.
In an open letter Amundi, Aviva Investors, AXA IM, Folksam, La Banque Postale AM, Legal and General IM, OFI AM and Ostrum strongly criticize Fortum for its support for the opening of a new coal-fired power plant in Germany.