BankTrack

New research from Profundo which we publish today with Dutch peace organisation PAX exposes the banks that have underwritten Israel's government bonds since 1st October 2023. Reports show that these bonds were specifically issued to cover the costs of Israel's war on Gaza. Goldman Sachs is by far the largest bank listed. The other financial institutions identified are Bank of America, Deutsche Bank, BNP Paribas, Citi, Barclays, and JPMorganChase. BankTrack's Max Hammer said: "By underwriting bonds which the Israeli state specifically issued to continue its genocidal war effort, banks risked making themselves complicit in these atrocities. Any financial institution or investor which helped Israel raise money for its military campaign must take urgent action to end and provide remedy for its contributions to widespread violations of international humanitarian law.” https://lnkd.in/eDbqj8Xe

Yesterday, campaigners, activists and affected community members across the world joined forces in saying: Dear ING, stop breaking our hearts! The coalition called on ING to improve its human and Indigenous rights record, end finance to projects and companies expanding coal, oil, gas and coal-based steel projects, phase out all existing fossil financing in line with the Paris Agreements goals, and fast-track finance for a just energy transition. #INGGlobalaction For a recap of the actions see: https://lnkd.in/eZNj6gmu

Today, campaigners, activists and affected community members across the world are joining forces in saying: Dear ING, stop breaking our hearts! ING has made big claims about having sustainability at the heart of what it does and embedding human rights into its business model. But there are too many red flags: 🚩 ING is the biggest fossil fuel financier in the Netherlands and among the top 30 biggest fossil fuel financiers worldwide; 🚩 ING is the third-largest European steel financier (an industry responsible for 11% of global CO2 emissions); 🚩 ING continues relationships behind our backs with destructive projects and companies that have a horrible track-record on human and Indigenous rights, air and water pollution, and biodiversity destruction. ING, it’s us or them. Enough with the empty promises, we need commitment. ING needs to: ❤️stop financing fossil fuel expansion NOW; ❤️phase out existing fossil fuel finance; ❤️end ties with developers of new met coal-based steel; ❤️ cut ties with destructive clients violating Indigenous peoples' & human rights; ❤️ fast-track renewable finance. Learn about the groups fighting ING's clients and the bank’s financing  across the globe: https://lnkd.in/e48CCbik Go to our BlueSky account for more on the global action: https://lnkd.in/eRkMEpW6

Today, campaigners, activists and affected community members across the world are joining forces in saying: Dear ING, stop breaking our hearts! ING has made big claims about having sustainability at the heart of what it does and embedding human rights into its business model. But there are too many red flags: 🚩 ING is the biggest fossil fuel financier in the Netherlands and among the top 30 biggest fossil fuel financiers worldwide; 🚩 ING is the third-largest European steel financier (an industry responsible for 11% of global CO2 emissions); 🚩 ING continues relationships behind our backs with destructive projects and companies that have a horrible track-record on human and Indigenous rights, air and water pollution, and biodiversity destruction. ING, it’s us or them. Enough with the empty promises, we need commitment. ING needs to: ❤️stop financing fossil fuel expansion NOW; ❤️phase out existing fossil fuel finance; ❤️end ties with developers of new met coal-based steel; ❤️ cut ties with destructive clients violating Indigenous peoples' & human rights; ❤️ fast-track renewable finance. Learn about the groups fighting ING's clients and the bank’s financing  across the globe: https://lnkd.in/e48CCbik Go to our BlueSky account for more on the global action: https://lnkd.in/eRkMEpW6

BankTrack is hiring a new Executive Director! This is a pivotal opportunity to lead BankTrack into a new era of growth and impact. The new ED will focus on organisational development, fundraising, long-term resilience and developing the organisation’s strategy to drive forward its mission: to challenge commercial banks globally to act urgently, decisively and in a just manner on the accelerating climate crisis, the ongoing destruction of nature and the widespread violation of human rights. If you have the skills, experience and passion to take a leadership role in driving change inside the global commercial banking sector and in helping communities hold banks accountable, this role could be for you. For more information or to apply, visit https://lnkd.in/eufHwYaT In case of any questions or to discuss the position further, please contact Damian Penston at Purpose+Impact. #Finance #BizHumanRights #ClimateCrisis #SeekingLeadersForGlobalChange #Hiring

BankTrack is hiring a new Executive Director! This is a pivotal opportunity to lead BankTrack into a new era of growth and impact. The new ED will focus on organisational development, fundraising, long-term resilience and developing the organisation’s strategy to drive forward its mission: to challenge commercial banks globally to act urgently, decisively and in a just manner on the accelerating climate crisis, the ongoing destruction of nature and the widespread violation of human rights. If you have the skills, experience and passion to take a leadership role in driving change inside the global commercial banking sector and in helping communities hold banks accountable, this role could be for you. For more information or to apply, visit https://lnkd.in/eufHwYaT In case of any questions or to discuss the position further, please contact Damian Penston at Purpose+Impact. #Finance #BizHumanRights #ClimateCrisis #SeekingLeadersForGlobalChange #Hiring

𝗢𝘂𝘁 𝗻𝗼𝘄 → 𝗜𝗡𝗚’𝘀 𝗺𝘂𝗹𝘁𝗶𝗯𝗶𝗹𝗹𝗶𝗼𝗻-𝗲𝘂𝗿𝗼 𝗳𝗼𝘀𝘀𝗶𝗹 𝗳𝘂𝗲𝗹 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝗲𝘅𝗽𝗼𝘀𝗲𝗱 🏦 🚨 Our new investigation, in collaboration with Milieudefensie, reveals shocking details about ING’s investments in Oil & Gas: 🚧 ING’s financing of Upstream Oil & Gas companies expanding production and infrastructure is 10.6 𝙩𝙞𝙢𝙚𝙨 𝙝𝙞𝙜𝙝𝙚𝙧 than it reports 📈 ING is increasing Oil & Gas financing while many major banks are reducing theirs. 🏭 ING holds 45 active deals with Oil & Gas companies, extending beyond 2040. Of these, five were signed in 2024, and one ending in 2054. Read the full report ➡️ https://lnkd.in/dk49Xqne #OilandGas #FossilFuels #Investments #BondsandLoans #ING #Banks Rodrigo Fernandez Boris Schellekens

Adaro Energy, one of Indonesia’s largest coal producers, recently unveiled a rebrand to position itself as a greener, more sustainable player in the energy sector. However, the new Alamtri Resources Indonesia is not much different than its predecessor and here's why commercial banks should still steer clear of this conglomerate: 🔥 The recent spin-off of its thermal coal business unit Adaro Andalan Indonesia resulted in a mere move of assets, with the holding and its owners still having a substantial influence over AAI's coal business. 🔥 Alamtri's trademarked low-polluting thermal coal, so-called 'Envirocoal', is nothing more than greenwashing marketing to keep selling the dirtiest fossil fuel, while still claiming to be "utilizing renewable energy sources." 🔥 Metallurgical coal remains one of the pillars of the new company's planned expansion. Thermal and metallurgical coal are both incredibly damaging to the environment, public health, and the climate, they're often extracted from the same mines and even interchangeably sold on the same markets. Banks should recognise that behind the rebrand lurks the same dirty coal company, and should continue to avoid finance for Alamtri/Adaro until the company makes a genuine move out of all coal.🌿 BankTrack Ekō apekshita varshney

Have been meaning to summarise some of the brilliant research coming out on banks and metallurgical coal lately, so here goes! Out today: two pieces that make the case for 𝗪𝗛𝗬 and 𝗛𝗢𝗪 banks must end finance for metallurgical coal. But first... 𝘁𝗵𝗲 𝗪𝗛𝗔𝗧: Turns out defining "metallurgical coal" is a semi-complicated question. Banks tend to use "metallurgical coal" interchangeably with "coking coal" - a specific grade of coal that's dry enough to burn efficiently in steel-making furnaces. But according to a recent report by Ali Hasanbeigi the steel industry accounted for around 𝟭𝟰% of total global coal consumption in 2022, and of this, 9% is coking coal and 5% is 𝘵𝘩𝘦𝘳𝘮𝘢𝘭 𝘤𝘰𝘢𝘭. Thermal coal is also used all along the steel production process, but it often gets classified as "metallurgical" coal since it's being sold to steelmakers. This could prove to be a big problem for banks with policies to restrict finance for thermal coal. Without fully knowing it, they could be financing thermal coal mining/burning through their steel portfolios. So really, the best way for banks to ensure compliance with their own coal policies would be to exclude finance for 𝘈𝘓𝘓 coal. https://lnkd.in/e4DjRHjf 𝗧𝗵𝗲 𝗪𝗛𝗬: But regardless of internal policy compliance, this piece from Fossielvrij NL shows that for the sake of public health and respecting the rights of communities, especially Indigenous communities, banks need to cut ties with major met coal miners ASAP. Fossielvrij NL interviewed former mayor, and conservationist Randal Macnair in British Colombia, Canada about Teck/Glencore's destructive coal mining in Elk Valley. Even with decades of opposition and legal challenges, fish populations and water quality have plummeted in Elk Valley as a result of Mountain Top Removal mining. Rather than responsibly winding down the mines and rehabilitating the mine site, Glencore plans to 𝗘𝗫𝗣𝗔𝗡𝗗 one of the mines so it can operate well into the 2070s. With full knowledge of the pollution these mines cause for Indigenous communities in Canada and the US, expanding these mines is unconscionable. https://lnkd.in/eRzxC3Zz 𝗧𝗵𝗲 𝗛𝗢𝗪:  And this brilliant summary from Cynthia R. on Urgewald's new Metallurgical Coal Exit List (MCEL) shows that it's easier than ever for banks to screen their portfolio's for companies that are expanding metallurgical coal capacity globally. So really there's no excuse!! https://lnkd.in/e9yPdH6M

Global banks are financing Glencore's destructive Mountain Top Removal coal mines in British Colombia, Canada, but communities are fighting back. Read first hand about the fight against Glencore in Canada from Randal Macnair, former mayor of Fernie in an interview with Fossielvrij NL here: https://lnkd.in/epGvqbms The Elk Valley Coal Mines have been causing serious water pollution and declining fish populations in Ktunaxa First Nation territories and surrounding communities. Despite decades of opposition, Glencore is expanding one of the mines to it can continue operating into the 2070s. Banks are supporting this effort by continuing to provide unconditional finance to Glencore. In 2024, several banks even entered into long term financing agreements with Glencore, lasting until 2054: BBVA, Commerzbank AG, ING, JPMorganChase, Mizuho, Morgan Stanley, Standard Chartered, Sumitomo Mitsui Banking Corporation – SMBC Group Out of the 60 banks included in the Banking on Climate Chaos report, 43 have coal exclusion policies, but only two banks would theoretically have to apply this policy to Elk Valley. Why? Because the coal mined in Elk Valley is for steel production, not for power generation. Most banks’ coal policies only apply to thermal coal and do not include metallurgical coal – even though the climate impact is the same, if not greater. Together with the communities in Elk Valley, we're calling on banks to end finance for Glencore, unless the company: 🔶 Cancels the Fording River mine expansion project 🔶 Coordinates and consults with workers, local communities, and the Ktunaxa Nation to develop asset-by-asset just transition plans for the closure of all four mines in Elk Valley, with compensation for decades of pollution they inherited in the sale