Reclaim Finance
The Davos virtual forum ended on a note of agreement: "we should act", "do something" in the face of the escalating climate catastrophe, the uncontrolled loss of biodiversity, the rise of inequalities and the risks of economic and financial instability. President Emmanuel Macron reiterated his call to break with the Washington consensus and establish a new consensus, that of Paris, focused in particular on the fight against inequalities and climate change. But for the roadmap, of course, we will have to wait ...
It’s no use looking instead to announcements from leading financial institutions like the ECB and BlackRock for concrete commitments, either. While 2021 must be the year of action for biodiversity and the climate, economic and political leaders are doubling down on announcements and commitments which are extremely long-term in their scope, without changing anything in their daily operations which, themselves, are propelling us to a world over 4 °C.
For once, hope comes from the United States, where the Biden administration seems to want to make up for lost time. Among the numerous announcements last week is the end of fossil fuel subsidies. Will Biden go so far as to follow the United Kingdom, which has announced the end of public support for new fossil energy projects abroad? Or will he follow the path of France, which for its part has pledged not to fully put an end to this practice until 2035?
We can only hope so, because the climate goals of the Paris Agreement can only be achieved one way: leaving the fossil fuels in the ground.
Lucie Pinson
Founder and Executive Director, Reclaim Finance
In a new report, Reclaim Finance and Urgewald expose BlackRock’s enormous investments in the coal sector. The report denounced Larry Fink’s greenwashing in advance of his traditional annual letter to clients.
Read our report
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Reclaim Finance calls on financial players to limit deforestation risks linked to the production of soy. We are launching a petition with partners, aimed at BNP Paribas, the biggest financier of soy trader Cargill.
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Fight against deforestation? Yes, but it matters how. Reclaim Finance breaks down the false solutions linked to mechanisms of certification and zero-net deforestation commitments.
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