State Treasurers Threaten to Pull Assets Out of Banks that Divest from Fossil Fuels

State Treasurers Threaten to Pull Assets Out of Banks that Divest from Fossil Fuels

American financiers are moving to divest from fossil fuels to help the U.S. reach net-zero carbon emissions, but some state Republicans are fighting back. Fifteen Republican state treasurers are now threatening to pull hundreds of billions of dollars worth of assets from large financial institutions if they move forward decarbonizing their portfolios per a letter they wrote to Climate Envoy John Kerry. 

Why This Matters: Banks and financiers have invested billions in destructive environmental practices. Deforestation funded by the world’s largest banks increased in 2020 despite COVID-19.

Continue Reading 556 words
Earth Day Summit Prompts Talks of Private Investment Revolution

Earth Day Summit Prompts Talks of Private Investment Revolution

by Amy Lupica, ODP Staff Writer As President Biden’s long-anticipated virtual Earth Day climate summit begins today, dozens of companies are set to announce significant investments in renewable energy, electric vehicles, and conservation to help the U.S. reach net-zero emissions by 2050.  Yet it will be the global financial sector that will be subject to increased pressure […]

Continue Reading 461 words
Bitcoin’s Big Climate Footprint

Bitcoin’s Big Climate Footprint

CNBC Anchor Andrew Ross Sorkin, who also writes for the NY Times, was out yesterday with a thought-provoking piece about the huge amount of carbon emitted due to energy-intensive Bitcoin “mining.”  Studies show that Bitcoin’s business has a bigger carbon footprint than countries like, say, Argentina or New Zealand.  That’s not chump change when it […]

Continue Reading 239 words
Treasury Department Proposes Rule Aimed At Banks That Refuse To Lend For Arctic Drilling

Treasury Department Proposes Rule Aimed At Banks That Refuse To Lend For Arctic Drilling

On Friday, the Treasury Department proposed a rule that states that “decisions by banks to not serve a specific customer should be based on individual risks, rather than a categorical exclusion.” according to The Hill.

Why This Matters:  This kind of government mandate overriding the free market smacks of, well, socialism or cronyism or both. And while oil ad gas companies are now hurting, they’ve reaped billions from our dependence on oil and gas for fuel. 

Continue Reading 426 words
Energy Secretary Takes a Swipe at Big Banks That Won’t Invest In Arctic Drilling

Energy Secretary Takes a Swipe at Big Banks That Won’t Invest In Arctic Drilling

The Secretary of Energy stunningly accused the major financial institutions that refuse to now invest in Arctic oil and gas exploration of discrimination against the oil and gas industry and likened the decision to the banks’ refusal in the past to make loans to minorities.

Why This Matters:  Arctic drilling has been fought due to its environmental toll since the 1960s,  In 1980, Congress decreed that no exploratory drilling or production could occur without further congressional action — and it stayed that way until President Trump demanded authority to lease the land for drilling, despite the ample domestic supply of oil and gas.

 

Continue Reading 565 words
Big Banks Reveal What They Really Want at Davos and it Might Surprise You

Big Banks Reveal What They Really Want at Davos and it Might Surprise You

by Miro Korenha, co-founder and publisher of Our Daily Planet As the World Economic Forum (WEF) kicked off this past week in Davos, Switzerland, there was a lot of promise that maybe this would finally be the year where business leaders wholeheartedly stood up for climate action. But aside from CEOs cringing at Donald Trump’s […]

Continue Reading 628 words

Want the planet in your inbox?

Subscribe to the email that top lawmakers, renowned scientists, and thousands of concerned citizens turn to each morning for the latest environmental news and analysis.