Changing Finance: new this month
A new 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.
Climate and environment
Most bank lending is in climate-exposed sectors. Here are the banks financing biodiversity loss, and 935 coal-linked companies for investors to avoid. Barclays increases fossil fuel financing despite net zero pledge. Climate activists take aim at ‘Sharklays’ and HSBC. Norwegian banks brought to task for funding deforestation in Brazil.
Whither financial integrity in Europe?
Anger over EU making world’s biggest fossil fuel financier, Blackrock, its sustainability advisor. EU ombudsman rules it must strengthen its conflicts of interest policy and stop ‘revolving doors‘ between finance regulators and industry lobbyists. The EU sets up a new anti-money laundering body. Anti-corruption group calls for action against EY.
The Digital revolution
Human rights and wrongs
New research suggests Equator banks are failing on community consultation and grievance mechanisms. The EIB taken to task on human rights. These American banks are enabling abuse of indigenous peoples’ rights in the Amazon.
The economy, stupid
A pandemic-induced scramble for cash by big companies.
Cross-party MPs call for break up of high street banks.
A global debt tsunami is coming. IMF chief economist tells governments to open the spending taps. Economists slam IMF and World Bank pandemic response. G20 leaders met in the desert. The colonial roots of developing country debt crises.
UK Policy changes
A new UK national infrastructure bank promised, after having sold off the successful Green Investment Bank in 2017.
The myth of barter. Is the economics profession able to deal with crises? A nice sustainable financial system map. The radical implications of central bank digital currencies. Why slashing aid is a disastrous foreign policy idea (as well as being immoral).
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