With our eyes fixed on the American elections, we share the hope that Donald Trump will be defeated and that a Biden administration, more ambitious on climate change, will come to power. While we are rightly concerned about the instability that may result from this election, it is important to affirm our determination to fight climate change, regardless of the outcome.
2020 is not yet over, but the accelerating trend of financial institutions committing to align their practices with the objectives of the Paris Agreement is already evident. The number of policies on fossil fuels continues to grow, in Europe as well as in the United States and Asia. But we cannot be satisfied with them. Their quality is deplorable and, to date, none of them respond to the urgent need to halt the development of fossil fuels.
The French Minister of Economy and Finance, Bruno Le Maire, rightly called on French financial institutions not to be satisfied with the first measures on coal. As he underlined, these must be harmonised and aligned with the best practices. But he also called on financial institutions to tackle unconventional gas and oil immediately. We deplore the lack of regulation, but we can only agree with him about one thing: we have everything to gain from going further and, above all, faster.
Lucie Pinson
Founder and Executive Director, Reclaim Finance
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