Our monthly round-up of news, ideas and initiatives related to transforming the UK financial system for people and planet, compiled by the Lab’s CEO, Jesse Griffiths.
The global climate
The EU’s environment agency warns that the risk of systemic financial shocks from climate change are getting higher and higher. Why then, is the collateral framework of the Bank of England subsidising fossil fuel companies? This is one reason 50 leading economists wrote to the Bank’s governor, urging him to step up their climate work.
Good news: Danske Bank, Denmark’s largest bank, divests from companies pursuing oil and gas expansion. Bad news: 12 major banks, including HSBC, Lloyds, NatWest are still supporting the company behind the big Rosebank oil field and 70% of passive ‘sustainable’ investment funds are financing fossil fuel expansion.
Four big US banks have quit the Equator Principles – which set minimum standards on social and environmental risk.
New guidelines for the Net Zero Banking Alliance come under fire.
Here’s an important new report on understanding the real risks of climate change.
And global inequality
Inequalities between nations are widening for the first time in 20 years. The head of the IMF says that a major reduction in inequality is needed if we are to boost future growth.
Here’s how changes in New York state law could help developing countries struggling with unsustainable debt. With 54 countries in the Global South facing debt crises, a new law in England could also make a difference.
The story of how organised Mexican coffee farmers led to a global Fair Trade movement via a Dutch priest.
Cleaning up the UK
More problems of fake filings at Companies House.
MPs were shocked by the level of sexual misconduct in the City.
And finally…
An interesting reflection on 30 years of global anti-corruption work, and how mismeasuring corruption lets rich countries off the hook.
A Nobel memorial prize- winning economist admits what the economics profession has been wrong about.