Despite the progress made through the Paris Climate Agreement, most governments are failing to act with the required scale and urgency to limit greenhouse pollution and transition to clean energy. Short-term decision making and the political influence of the fossil fuel lobby continues to obstruct and delay government action. In this context, the business community, and the finance sector in particular, has a critical role to play in driving action to stop climate change.
Financial markets have the power to move quickly to shape real-world decisions about what gets built and what doesn’t. Over the past several years, well over a hundred major global financial institutions have adopted policies to stop investing in or underwriting coal. Our goal is to work with social movements to drive change harder and faster in the finance sector, to hold companies accountable for the gap between rhetoric and action, and to hasten the stampede of capital out of fossil fuels and into clean energy.
Making coal uninsurable
As a founding partner of the Unfriend Coal and Insure Our Future networks, we’re campaigning to hold the insurance industry to account for the gap between their rhetoric and actions, and to stop both insurance and re-insurance companies underwriting and investing in fossil fuel projects.
Shifting the giants
We’re working with a diverse network of global partner groups and finance analysts to explore ways to shift the world’s largest asset managers and institutional investors out of fossil fuels. We have a particular focus on the problem of passive investing – which is effectively setting the global economy on autopilot towards a climate catastrophe. As part of this work we’re proud to be co-founders of the Blackrock’s Big Problem campaign.