<
https://reneweconomy.com.au/banks-and-investors-still-pouring-trillions-into-fossil-fuels-a-decade-after-being-warned-of-tragedy-on-the-horizon/>
"Ten years after a landmark speech calling on banks and financial institutions
to steer investment away from fossil fuels, not a lot has happened.
“Increased climate risk disclosure has failed to stop big banks and investors
pouring trillions into fossil fuel expansion that’s driving ever worsening
economic, social, and environmental damage,” says Market Forces chief executive
officer Will van de Pol.
“Australia’s financial institutions and regulators must get on with the job of
mitigating climate-related risks, by supercharging investment in renewable
energy and ruling out support for new coal and gas.”
The comments came as more than 50 climate finance groups from Australia and the
rest of the world have made a plea to banks, insurers and other financial
institutions to mark the 10-year anniversary of a seminal speech delivered by
Mark Carney.
In 2015, the then-governor of the Bank of England warned climate change was
“the tragedy of the horizon” and posed a major threat to the financial system.
Mondays’ statement from the Australasian Centre for Corporate Responsibility,
Market Forces and other groups says the tragedy spelled out in the decade-old
speech “is not only unresolved, it is growing”.
“Ten years on, the crisis that was once on the horizon is now at our doorstep,”
the letter read.
“The financial system is facing instability and potential collapse.”
The climate finance advocates are sounding the alarm as financial institutions
worldwide falter in their commitments to managing climate risk."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
