Press release Paris, July 5, <\/span><\/b>2022 – Launched last March by Reclaim Finance and 16 NGOs to assess the oil and gas exclusion policies of the top global financial institutions, the Oil and Gas Policy Tracker (1) now includes 369 banks, insurers and investors from 32 countries. This tool reveals that despite many of them pledging to tackle climate change and halve emissions by 2030, less than 4% of those rated in the tool have restrictions in place against oil and gas expansion (2). Reclaim Finance calls on all financial institutions worldwide to align their business with the 1,5\u00b0C scenario by implementing robust oil and gas policies.<\/span><\/span><\/span><\/span><\/span><\/b><\/p>\n<\/div><\/div><\/div> Initially focused on the 150 world\u2019s largest financial institutions, the Oil and Gas Policy Tracker (OGPT) now includes 369 ones (with 104 banks, 30 insurers and 235 investors). It analyzes and rates their oil and gas exclusion policies based on science-based indicators: restrictions on new oil and gas projects, restrictions on companies developing new oil and gas projects and finally, strategies to phase out oil and gas (3).<\/p>\n The OGPT is designed to differentiate robust policies from ineffective pledges by financial institutions. Despite growing pressure to stop fueling oil and gas expansion in order to cut down on carbon emissions and align their business with 1.5\u00b0C, too few financial institutions have adequate policies in place:<\/p>\n Cl\u00e9ment Faul, Research & Analysis manager at Reclaim Finance, declares:<\/strong> \u201cThe outcomes of the Oil and Gas Policy Tracker are clear : most financial institutions worldwide don\u2019t get the climate emergency. It is alarming to find out less than 4% of the financial institutions rated in the tool have a robust policy tackling oil and gas expansion. All the others, even those members of the Glasgow Financial Alliances for Net Zero, fail to align their business with a 1,5\u00b0C pathway. French players La Banque Postale, Ircantec and CNP Assurances have crossed the rubicon and shown that it\u2019s possible for banks and investors to phase out support for oil and gas (5). Their peers must follow\u201d.<\/p>\n<\/blockquote>\n The recommendations of the International Energy Agency (IEA) and UN Secretary-General Antonio Guterres and the UN Race to Zero campaign (6) point in the same direction: no more fossil fuel projects to limit global warming to 1.5\u00b0C. However, this message has not been heard by the majority of financial institutions, which continue to support companies and their projects devastating for the climate, the environment and the population, be it gas extraction in the Arctic, mega oil pipelines in East Africa, or LNG projects in the Philippines.<\/p>\n \u201cDespite Antonio Guterres\u2019 recent call on all financial institutions to abandon fossil fuel finance and invest in renewable energy, most banks, insurers and investors continue to support companies with ruthless expansion plans. The war in Ukraine and the heatwaves hitting Europe, India and Pakistan should be a violent wake up call and encourage all banks, insurers and investors to take real climate action and stop fueling a fossil-fuel based future\u201d says Lucie Pinson, director of Reclaim Finance.<\/strong><\/p>\n<\/blockquote>\n<\/div><\/div><\/div><\/div><\/div>
\n<\/b><\/span><\/strong><\/p>\n\n
\n
\n