Financing climate destruction
Private equity firms are way behind on climate policies and only 1.5% of investment funds align with the Paris target of limiting temperature rise to 1.5 degrees. US insurers continue to invest hundreds of billions in fossil fuels at the same time as reinsurance costs are going up as climate-related disasters increase. Capital markets are the hidden pipeline for fossil fuel financing. And how are asset managers getting on with meeting net zero commitments?
Eight banks, including HSBC and Santander, are responsible for major fossil fuel financing in the Amazon. Meanwhile, Barclays is counting loans to Shell as ‘green finance’ and global banks have invested over three trillion dollars in fossil fuels in the Global South since the Paris Agreement. Major US banks are still financing coal.
And why rainforest carbon credit schemes aren’t working.
A leading climate scientist is shocked by how badly mainstream climate economists understand climate science, while pension funds’ equally poor understanding is damaging their members and the planet.
The TUC is in favour of a green industrial strategy and research suggests that failing to provide this could cost the UK hundreds of billions. Is it time for a green National Investment Fund? Here’s why economists are reconsidering industrial policy.
The Taskforce on Nature-related Financial Disclosures (TNFD) has published its final framework, but critics have been scathing. A new Californian law means banks will have to report on all their customers’ emissions (‘scope 3’ emissions).
Debt and exclusion
“Finance and insurance is the only broad industry group with real pay ahead of the position in 2008” – interesting finding from new TUC research.
2.3 million people in the UK are now borrowing to pay for essentials and personal loan rates have doubled since 2021 – so it’s unsurprising that pawnbroking demand has hit record levels. Here’s how legal high-cost lending is a gateway to illegal lenders and loan sharks.
New rules have been announced that mean banks should provide access to cash within three miles – but more than one in eight bank branches will close this year. Forget Farage: banks have been locking ordinary people out of their accounts for years.
Policy and practice
What was won through the new Financial Services and Markets Act and what comes next?
It seems that long delayed audit reform has now totally fallen off the Government’s priority list. It has promised new rules for insolvency, but no watchdog. And it’s failed to strengthen the Economic Crime Bill.
If you haven’t yet seen the New Economy Brief website, you’re missing out – it’s packed full of ideas for radically improving the economy.
The mission trillions
Governments around the world are set to lose nearly $5 trillion through tax dodging in the next decade. Here’s how an ownership loophole is harming the fight against dirty money.
How do the UK Government’s reforms to promote integrity in the financial sector stack up?
It’s the economy, stupid
Here’s an in-depth take on how the bond market became so big and dangerous.
Has the banking crisis (sparked by Silicon Valley Bank’s collapse) only just begun?
Here’s what a feminist approach to macroeconomics looks like.