Investors Pressure European Banks to Stop Financing New Fossil Fuel Projects

Investors Pressure European Banks to Stop Financing New Fossil Fuel Projects

THE SIGNAL

A group of investors representing over $1.5 trillion in assets under management sent demand letters on Feb. 7 to five of Europe’s biggest banks, calling on them to stop financing fossil fuel firms by the end of 2023.
ShareAction—an investment group whose website states that its “vision is a world where the financial system serves our planet and its people” by driving change until its high standards for responsible investment “are adopted worldwide”—coordinated the letters that were backed by up to 30 investors, according to a ShareAction news statement.
The 30 investors, ShareAction said, each wrote to at least one of the five European banks—Barclays, BNP Paribas, Credit Agricole, Deutsche Bank, and Societe Generale. Twenty of them wrote to all five.
The letters expressed concern that the banks’ cooperatio …

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