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Institutional investors press banks to ditch coal
by AFP Staff Writers
London (AFP) July 6, 2021

More than 100 institutional investors called Wednesday on major banks to fight harder against global warming, in particular by cutting funds to projects that involve coal.

The deep-pocketed asset managers warned that they might back resolutions at banks' shareholder meetings that push management to do more, or vote not to re-elect company directors.

In all, 115 investors with $4.2 trillion in holdings, including Aviva Investors, Fidelity and M&G, wrote to 63 banks, including Standard Chartered, Deutsche Bank and JPMorgan Chase, according to a statement released by the non-governmental organisation ShareAction.

The investment groups called for stronger measures to safeguard the planet's climate and biodiversity, given the leverage that banks have via financing, ahead of the COP26 conference scheduled for November in Glasgow, Scotland.

The main measure would be to halt financing for coal-related projects by 2030 in countries that belong to the Organisation for Economic Co-operation and Development (OECD), and by 2040 for the others.

The investors hope that banks might announce before the COP26 takes place that they will no longer finance new coal projects.

In addition, the letter calls on banks to work towards limiting increases in global warming to 1.5 degrees Celsius, a target that has prompted the International Energy Agency to recommend energy companies halt all further oil exploration.

As for biodiversity, the investors want banks to set targets related to the issue by 2024.

Any lack of progress "may be taken into consideration within investors' 2022 AGM voting action," the letter warned in reference to annual general meetings.

"The message from investors is clear: distant net zero targets and warm words about the importance of biodiversity are not enough," warned Jeanne Martin, a campaign manager at ShareAction.

"Investors want concrete action now, and those banks which fail to respond can expect serious challenges at their next AGMs."

In May, ExxonMobil and Chevron shareholders voted to force the oil majors' directors to step up the fight against global warming.

An activist investment fund also managed to have a representative named to Exxon's board of directors.

jbo/wai/tgb

EXXONMOBIL

DEUTSCHE BANK

J.P. MORGAN CHASE & CO

AVIVA

STANDARD CHARTERED

CHEVRON


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Czech villagers rail against giant Polish coal mine
Chrastava, Czech Republic (AFP) July 2, 2021
For the past 18 years, Czech physics teacher Karel Rehak has seen the water level in his well drop steadily, a phenomenon he attributes to a nearby sprawling Polish brown-coal mine. The open-cast Turow lignite mine spans 28 square kilometres (11 square miles) and supplies a power station that accounts for some seven percent of Poland's electricity consumption. Located in the middle of Europe where the borders of Poland, Czech Republic and Germany intersect, the mine is now at the centre of a bit ... read more

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