Neha Saigal’s Post

Let's Collaborate with RBC to Prioritize Climate Action Over LNG Investments! 🌍 At chilli we believe in the power of collective action to ensure LNG does not become a greenwashing strategy that benefits fossil fuel interests. Together, we can pressure big banks to fund genuine climate solutions and green energy. 🌱💚 As climate advocates, we share a concern about RBC's current approach to climate commitments. While the bank has pledged to scale up renewable energy lending and allocate $1 billion for climate solutions, it continues to invest heavily in fossil fuels, including LNG projects. Since the Paris Agreement, RBC has funnelled over $265 billion into fossil fuels. This stark contrast highlights a pressing issue: the need for RBC to align its financial practices with its stated climate goals. For more information, please refer to this insightful article by Carl Meyer : Royal Bank of Canada on the defensive over criticism of fossil fuel financing (https://lnkd.in/g6p5dPD4) ❗🔄 🔍 Key Points: - Contradictory Actions: RBC's CEO, Dave McKay, asserts that the bank is leading in addressing climate change. However, ongoing investments in LNG and other fossil fuel projects undermine these claims and delay the urgent transition to a low-carbon economy. 🌍 - Recent Commitments: RBC has promised to triple its lending to renewable energy projects, allocate $1 billion for innovative climate solutions, and create a decarbonization finance category by 2024. Yet, these commitments are overshadowed by continuous support for fossil fuels. 💸⚡ - Scientific Urgency: Leading scientific reports from the IPCC and United Nations stress the critical need to accelerate decarbonization efforts. The recent crossing of the 1.5 degrees Celsius threshold underscores the immediate risks posed by climate change. 🌡️📉 🌱 Support and Collaboration: We are reaching out to the RBC Climate Action Institute network to leverage their influence and advocate for this crucial shift in RBC’s funding strategies. By working together, we can drive impactful change. 🤝🔄 John Stackhouse Myha T. Farhad Panahov Yadullah Hussain Vivan Sorab Lisa Ashton Trinh Theresa Do Sarah Pendrith Alanna Whitten Frances Dawson Joanna Kyriazis John Van Ham Katerina Kindyni Kim McConnell Mathieu Poirier Mario Schlener Mauricio Alanis Meena Bibra Rachel Dora Randy Huffman Sally Flis Scott MacDougall Tim Faveri 💬 If you are in the ESG/climate finance, we would love to hear your thoughts about a just transition and LNG. We cannot keep violating Indigenous rights and betting on short-term economic benefits over planetary health for future generations. Look forward to engaging in dialogues about this with UBC Sauder's Centre for Climate and Business Solutions (CCBS) & the UBC Centre for Climate Justice 👀 🌍 #ClimateAction #ClimateFinance #RenewableEnergy #FossilFreeFinance #RBC #NetZero #LNG #ESG #Decarbonization #JustTransition #Sustainability

Net Zero: an unavailable dream! JPMorgan sais it, as developing Countries evolve, so is their demand in energy to support their increase of standard of living. Electricity powers this economic transition and you still cannot produce a base load with wind and solar. The economic alone will put pressure on government to adapt their emissions targets. #netzero #ghg #jpmorgan #trudeau https://lnkd.in/efszSCjC

Perhaps no group of analysts in the world is as influential as the team that produces the International Energy Agency (IEA)'s reports on the energy sector and its green transition. In today's FT Moral Money newsletter I looked at new analysis from ShareAction of UK bank Barclays’ climate policy, which highlights how the IEA’s recent softening of language around fossil fuel investment could have serious financial implications. https://lnkd.in/e_ziug_4

⚡ Will there be enough green energy to power the global economy? Absolutely - but smart grids are essential. In our latest video, Senior Economist @Markus-Zimmer explains why building overcapacities can smooth out energy flows from renewable sources like solar power and windmills, so that there's plenty to go around even when it's not sunny or windy ⛅. Watch the full video below. 👇 📖 Want to know more about greening the global economy? Check out new book: Investing in a Changing Climate: Navigating Challenges and Opportunities. It offers a clear-eyed view of how far along we are on the decarbonization pathway, and what areas and technologies are the most promising and require the most urgent investments. Get your copy here https://lnkd.in/gfbJvtt3 #greeneconomies #netzero #climatechange #ludonomics #allianztrade #allianz

Invest $4T to get $40T back, every year? At this point, the business model impact test for climate and sustainability is a simple intelligence test that many are failing. https://lnkd.in/gkvmXr9v

Who is responsible for driving the energy transition? Recent international climate policy designated the financing community and private sector as drivers for the energy transition given the lack of international consensus in command-control spurred changes. The financing community will continue to have a fiduciary responsibility to drive profitability and returns, which at times run contrary to the capital costs of the clean energy transition. However, the future liquidity risks associated with climate change and the externalities these risks present, make a strong case for the long-view on clean energy assets. #innovation #advancedenergy #finance #renewableenergy #energy #power #hydrogen #business #cleanenergy #solar #wind #energystorage https://lnkd.in/eTTPm-er

Discover how the Inflation Reduction Act's investments in clean energy are reshaping the nation's economy. With each federal dollar catalyzing significant private sector support, witness the birth of a trillion-dollar revolution propelling America towards a greener future. Story by Syris Valentine for Grist via Covering Climate Now. #CCNow #inflationreductionact #cleanenergy

As New York Climate Week 2024 approaches, the clean energy sector is facing significant challenges due to rising interest rates. Our Managing Director and Partner, Alex Dewar, discussed how high interest rates are hindering the growth of emerging clean energy technologies, such as carbon capture and green hydrogen. He noted that investors now demand larger returns due to the combined risks of permitting challenges and uncertainty around tax credits, making it difficult for these projects to attract necessary funding. This has led to slower progress than anticipated after the passage of the Inflation Reduction Act. https://lnkd.in/gwYD2NSv

Nearly half of energy companies fail to disclose emissions and energy transition plans - Citi Bank. According to a climate report released on Thursday, Citi has found that almost half of the energy companies it lends to lack plans to cut greenhouse gas emissions. The bank analyzed the energy companies in its loan portfolio and ranked them from "low" to "strong" based on their plans to reduce emissions across three categories. In 42% of cases, it found an "absence of a substantive transition plan" and a lack of disclosure of Scope 3 emissions released into the atmosphere from companies' supply chains and customers. #icws #climatefinance #energytransition #energyindustry #co2emission #scope3emission https://lnkd.in/ezGiykrQ

Today, in partnership with U.S. Department of State and the Bezos Earth Fund, we announced the formal governance and management structure for the Energy Transition Accelerator (ETA). The ETA is a high-integrity carbon finance platform aimed at catalyzing climate finance to support ambitious just energy transition strategies that can protect people and planet from the climate crisis. Read more about the ETA: https://lnkd.in/e4yeNvHT