Central Banks Still Fueling Climate Crisis: New Report

August 24, 2021By David TurnbullBlog Post, Press Releases

Twelve of the largest central banks around the globe continue to support climate chaos-causing fossil fuels through policy and direct finance, a new report released today finds. Ahead of an annual convening of central bankers in Jackson Hole, Wyoming later this week, the analysis strikes a critical contrast to promises in recent months by the same central banks to align their operations with climate goals.

Unused Tools: How Central Banks Are Fueling the Climate Crisis

August 24, 2021By Oil Change InternationalEnergy Transitions & Futures, Reports, Resources 3 Comments

There is growing recognition that central banks must act to confront the climate crisis. They have the tools to catalyze and accelerate the end of financing for fossil fuels – through monetary policy, regulatory action, and excluding fossil fuel assets from their own portfolios. But, with only limited exceptions, they are not using these tools. This report identifies 10 criteria for assessing central banks against the Paris Agreement’s objective, and applies them to assess 12 major central banks.

Report: the Network for Greening the Financial System (NGFS) must revise its climate scenarios to drive decarbonization in the financial sector

February 14, 2021By Romain IoualalenBlog Post, Energy Transitions & Futures, News, Press Releases, Stop Funding Fossils

In a new paper published today, Oil Change International (OCI) and Reclaim Finance analyze the shortcomings of the climate scenarios published by the NGFS and highlight the risk that they may be used to justify slow and inadequate climate action by financial actors.