Dutch bank ING ends financing for new oil and gas projects
The bank has also said it will target a 50% increase in lending for renewable energy by 2025, building on strong growth in 2021, when financing grew 26% to 7.3 billion euros.
Finance
Global investment in low-carbon energy transition hits record $755 billion in 2021
Global investment in the energy transition hit a new record off the back of rising climate ambition and policy action from countries around the world, according to Energy Transition Investment Trends 2022, a new report by BloombergNEF.
Largest Dutch pension fund to divest from fossil fuel producers
The ABP fund is a wealthy and influential investor that manages the pension savings of more than 3 million Dutch workers and has some 15 billion euros invested in fossil fuel production.
AXIS Capital becomes first North American insurer to commit to phase out coal business
AXIS Capital announced new measures restricting insurance and investments in coal, tar sands oil, and Arctic oil and gas, as part of the company’s efforts to accelerate the transition to a low-carbon economy.
European bank Intesa commits to exclude Amazon oil from headwaters region of Ecuador and Peru
Intesa’s exclusion covers all financial products and services, as well as advisory services, and applies to projects and companies involved in exploration, production, and pipeline transport of Amazon oil.
Australia’s big four banks to stop lending to thermal coal mining and coal-fired power plants
The Commonwealth Bank, ANZ, Westpac, and National Australia Bank are closing their books on fossil fuel financing in response to shareholder pressure.
New York State pension fund divests from more coal
New York’s State Comptroller Tom DiNapoli announced further divestment of coal assets today from one of the nation’s largest pension funds – shedding remaining investments in New Hope, PT Indo Tambangraya Megah Tbk, Semirara Mining and Power, Shanxi Coking Coal Energy Group. and Whitehaven Coal.
Biggest China bank abandons $3 billion Zimbabwe coal plan
Industrial and Commercial Bank of China Ltd. told Go Clean ICBC that it won’t fund the 2,800-megawatt Sengwa coal project in northern Zimbabwe.
South Korea’s three major insurers say will stop underwriting new coal power
The confirmation follows pressure from a network of civic groups named Korea Beyond Coal, which has advocated for a complete coal phase-out in Korea by 2030.
Morehouse College and Spelman College co-create Center for Black Entrepreneurship with $10 million from Bank of America
The Center for Black Entrepreneurship will be the first-ever academic center to assemble, educate, and empower a new class of Black entrepreneurial talent.