November, 09 2021, 01:23pm EDT
Climate Groups Call Out Banks Lobbying for Watered Down Net Zero Commitments
Stop the Money Pipeline organizations respond to news that on behalf of a group of 12 banks, HSBC lobbied Mark Carney’s GFANZ to scrap mandatory science-based targets and delay a deadline.
WASHINGTON
Yesterday The Bureau of Investigative Journalism reported that HSBC coordinated efforts to try and water down action on climate change. The Bureau details that HSBC lobbied Mark Carney's Net Zero Banking Alliance to:
remove the list of sectors that must be included in the first round of target-setting
set targets only for sectors where there are "credible transition pathways" to a net-zero future
delay until 2025 or 2030 the deadline for banks to set targets for some carbon-intensive sectors, instead of 18 months from signing the NZBA commitment
HSBC denies "lobbying to dilute the ambition of the NZBA" and denies that the letter sent in March on behalf of the 12 banks reflects its own position. The twelve banks are on Prince Charles's Financial Services Taskforce and they include Bank of America, Citi, JP Morgan, Barclays, BNP Paribas, and more.
Member organizations of the Stop the Money Pipeline coalition released the following statements in reaction to the news:
"This confirms what Indigenous people and climate activists have been yelling from the frontlines for years: banks cannot be trusted to align their profit mindset with the fight for our planet. We need wealthy nations to reign in their greed with unprecedented science-based regulation, otherwise we have no chance of meeting the 1.5C goal" said Jackie Fielder, communications coordinator of Stop the Money Pipeline
"Black, Brown, and Indigenous frontline communities across the globe have demanded that banks stop pouring money into fossil fuel projects and pipelines that are devastating our planet and communities, but it's clear banks will always put profit before people when left to self-regulate. This is why we need global leaders to stop letting financial institutions dilute climate action and to demand science-based targets and regulations," said Erika Thi Patterson, campaign director for climate and environmental justice, the Action Center on Race and the Economy.
"These allegations that HSBC lobbied to weaken the guidelines of the Net-Zero Banking Alliance on behalf of banks in the Sustainable Markets Initiative are concerning and should raise red flags for shareholders and customers about their true commitment to net-zero. HSBC's comments seem in direct opposition with what the bank has committed to doing in the last year, and with its messaging on climate change. These banks, which include Credit Suisse, JPMorgan and Standard Chartered, have huge clout within the banking industry and should use their influence for the better - not to water down already insufficient guidelines," said Jeanne Martin, Senior Campaign Manager at ShareAction
"HSBC's public rhetoric on climate change can't be trusted - their behaviour in private, lobbying to weaken climate action, is their true position. Banks like HSBC know what the International Energy Agency has said - 'net zero by 2050' means no new fossil fuel expansion, from this year. So it's staggering that a bank signed up to that target is doing everything it can to make sure that target can't be met," said Adam McGibbon, UK Campaign Lead at Market Forces.
Time and time again we see banks launch voluntary climate initiatives which seem to be aimed purely at reaping PR benefits now, while postponing all concrete action as far into the future as possible. This was the case with the Principles for Responsible Banking in 2019, and now again with the NZBA. 18 months is already a lavish amount of time to set 2030 targets, and it is shocking to learn that not only HSBC, but apparently also official COP26 sponsor NatWest lobbied to procrastinate even longer. And with half the world's fossil fuel assets expected to become worthless as soon as 2036, all this effort to delay action is not even in banks' own best interests", said Maaike Beenes, Climate coordinator at BankTrack.
It's astonishing that banks like HSBC are doubling down on greenwashing their role in the destruction of our planet at a time when frontline communities cannot afford anymore lip service. We cannot allow HSBC to wreak any more havoc on our climate than they already have" said Amy Gray, Senior Climate Finance Strategist at Stand.earth, "It's time to stop funding the fossil fuel industry now and respect Indigenous sovereignty, frontline communities and re-invest in a just and equitable transition to renewable energy."
The Stop the Money Pipeline coalition is over 160 organizations strong holding the financial backers of climate chaos accountable.
LATEST NEWS
Trump: 'Never Say Never' to Canada Becoming 51st State. Canadian PM: 'Never. Never. Never.'
"Canada is not for sale and is never going to be for sale," said Prime Minister Mark Carney.
May 06, 2025
In an Oval Office meeting on Tuesday, Canadian Prime Minister Mark Carney was diplomatic toward U.S. President Donald Trump, who has threatened to take over the United States' northern neighbor and whom Carney excoriated in his victory speech after being elected in March.
But at one point, Carney resorted to speaking to the cameras in the room to push back against the president's repeated claim that Canada could become "the 51st state."
After Carney reiterated that Canada "is not for sale," Trump told the press assembled in the room, "Never say never."
Carney responded by saying under his breath, "Never. Never. Never," to several of the reporters.
Carney later told reporters at the Canadian Embassy in Washington, D.C. that he views Trump's persistent talk about taking control of one of the United States' top allies and trade partners as "a wish," and said he has "been careful always to distinguish between wish and reality."
"We're very clear, I've been very clear publicly consistently," said Carney. "I've been clear in private. I was very clear again in the Oval Office, have been clear throughout."
"Canada is not for sale and is never going to be for sale," he added.
In his remarks in the Oval Office, the Canadian prime minister, who represents the center-left Labour Party, seemed to appeal to Trump's self-image as a successful businessman at one point, reminding him that "as you know, from real estate, there are some places that are never for sale."
He also complimented Trump, saying he has "revitalized" international security.
But in his remarks after the meeting, Carney said he had pushed Trump to stop referring to Canada as the "51st state," and regarding a trade deal, he said the president "understands that we're having a negotiation between sovereign nations and that we will only pursue and accept a deal that is in the best interest of Canada."
The Trump administration has imposed 25% tariffs on goods from Canada, with some imports exempt under a trade deal signed in 2020.
Carney reported that Trump was willing to discuss lowering the tariffs and said he planned to have further discussions with the president "in the coming weeks" about a new trade agreement.
Trump appeared to soften his stance on eliminating the border between the U.S. and Canada and taking over the country in the meeting, allowing that "it takes two to tango."
Trump spoke about what he believes would be "a massive tax cut for the Canadian citizens" as well as healthcare benefits, but suggested he won't continue pushing Canada to make a deal.
"We're not going to be discussing that unless somebody wants to discuss it," he said.
Keep ReadingShow Less
By Confirming Bisignano, Senate GOP Greenlights 'DOGE Destruction of Social Security'
"Their playbook is clearly to break Social Security so they can justify further cuts and privatization," one labor leader warned.
May 06, 2025
Defenders of the Social Security Administration sounded the alarm on Tuesday after U.S. Senate Republicans banded together to confirm President Donald Trump's pick to lead the federal agency, former financial services executive Frank Bisignano.
The new SSA commissioner—confirmed with a 53-47 vote along party lines—has described himself as a "DOGE person," referring to Trump's Department of Government Efficiency, which is led by billionaire Elon Musk.
"Elon Musk and Donald Trump, with the quiet help of Frank Bisignano, have spent the last few months taking a chainsaw to Social Security," said Nancy Altman, president of the advocacy group Social Security Works. "This vote was an opportunity for the Senate to reject the decimation of Social Security, and demand that Trump nominate a commissioner who will stop the bleeding. Instead, every Senate Republican just signed off on the DOGE destruction of Social Security."
Bisignano "is a Wall Street CEO with a long history of slashing the companies he runs to the bone, including massive layoffs," she noted. "He is also a liar. He claims he was not involved in all the chaotic and destructive changes at the Social Security Administration: the hollowing out of the agency, the stealing of our most sensitive data, the harmful and poorly rolled out policy changes, their sudden reversals, and more. However, there are well over a dozen long-serving civil servants, identified by a brave whistleblower, who can validate that he is lying."
Altman warned that "with Bisignano's increased power as a confirmed commissioner, he will accelerate the destruction of our Social Security system. One ray of hope is that the DOGE henchmen running Social Security have reversed course on some of the biggest cuts in the face of massive public outrage. They know how popular Social Security is with voters of all parties."
"Together, we can save Social Security from Trump, Musk, and Bisignano," she added. "It's going to take millions of people in the street raising our voices together, saying hands off our Social Security."
American Federation of State, County and Municipal Employees (AFSCME) president Lee Saunders similarly said that "the Senate just escalated threats to Social Security" by confirming a billionaire CEO who "has spent his career catering to Wall Street elites."
"Bisignano could have stood up for working families and retirees by opposing efforts to roll back Social Security services, shut down offices, and lay off thousands of workers. Instead, he promises to provide more of the same failed, destructive leadership we have seen so far at Social Security," Saunders pointed out, also flagging his "DOGE person" remarks.
"Their playbook is clearly to break Social Security so they can justify further cuts and privatization," the labor leader stressed, vowing that AFSCME members "are keeping up the fight to protect our freedom to retire with dignity."
Richard Fiesta, executive director of the Alliance for Retired Americans, called the confirmation vote "deeply troubling to millions of current and future retirees who rely on the guaranteed benefits they paid for and earned through a lifetime of work."
"Mr. Bisignano's testimony before the Senate, along with his long career in the finance and tech sectors, provides no reassurance that he understands—let alone prioritizes—the needs of older and disabled Americans," said Fiesta. "We remain alarmed by the risk that he will support privatization schemes or replace essential SSA workers with AI systems, which could undermine the quality and accessibility of services."
Newly elected Democratic National Committee Chair Ken Martin also blasted the Senate GOP for confirming "a Wall Street stooge and self-proclaimed 'DOGE person' who wants to help Donald Trump and his shadow president Elon Musk gut the program."
"Just like Trump and Musk, Bisignano will gladly put Social Security on the chopping block to line the pockets of billionaires and special interests," Martin added, arguing that the men put the benefits of 73 million people at risk.
Members of the Senate Democratic Caucus, including Minority Leader Chuck Schumer (D-N.Y.), also warned of the danger posed by the new commissioner. In Schumer's words, "The nomination of Mr. Slash-and-Burn Bisignano is DOGE by another name."
"Donald Trump and Republicans know they can't admit they want to kill Social Security outright, so instead they're choosing another method: strangulation. Office closures, delays, mass layoffs, trouble over the phone, trouble over email. Bisignano would bring even more strangulation," Schumer said before the vote. "If Mr. Bisignano is confirmed, Senate Republicans will own all of the chaos he creates at the Social Security Administration."
Keep ReadingShow Less
'Concerning, Shortsighted, and Detrimental': Trump Attacks National Endowment for the Arts
"Creative expression is the lifeblood that vivifies a free and democratic culture," said the head of one nonprofit publisher. "Every story a writer tells is one Trump cannot control."
May 06, 2025
Arts institutions around the country expressed sadness and outrage after the Trump administration notified theaters, literary arts organizations, and other groups on Friday that their National Endowment for the Arts grants were being withdrawn or canceled. The message came the same day that U.S. President Donald Trump proposed eliminating funding for the independent federal agency.
"Any attempt to dismantle the National Endowment for the Arts (NEA)—by eliminating funding, reducing staff, or canceling grants—is deeply concerning, shortsighted, and detrimental to our nation," said CEO of Americans for the Arts, Erin Harkey, on Saturday. "NEA grants have touched every American, supporting projects in every congressional district and helping the arts reach parts of the country, including often overlooked rural communities."
According to NPR, which itself receives two NEA grants valued at $65,000, hundreds of groups across the country on Friday received a message from the NEA that grants offered for the 2025 fiscal year were being terminated or withdrawn. The email read, in part, "the NEA is updating its grantmaking policy priorities to focus funding on projects that reflect the nation's rich artistic heritage and creativity as prioritized by the president."
"Consequently," the email continued "we are terminating awards that fall outside these new priorities." According to NPR, the email states the president's priorities include projects that "celebrate the 250th anniversary of American independence," "make America healthy again," and "foster skilled trade jobs," among others.
Impacted organizations have submitted information about their terminated or withdrawn NEA grants to a public tracker, which as of Tuesday afternoon lists over 200 groups. According to the spreadsheet, total funding revoked as of 3:00 pm Eastern Time tallied $5.9 million.
According to reporting from The Washington Post, it was not immediately clear whether the NEA is able to rescind grants it has already awarded, something that grantees who spoke to the outlet raised. The NEA was established by Congress in 1965 is the largest funder of arts and arts education countrywide, also according to the Post.
The move to revoke funding "not only threatens the stability of countless community-based programs but also places a heavy burden on smaller arts organizations that rely on consistent support to serve, educate, and inspire," wrote Lina Lindberg, a grant strategist, on LinkedIn on Tuesday.
The nonprofit publisher Electric Literature announced on Monday that its 2025 NEA grant was terminated, but struck a defiant tone in the public statement.
"Creative expression is the lifeblood that vivifies a free and democratic culture. Trump is obsessed with a heritage and legacy of his own imagination. For him, literature is forward facing and therefore dangerous. Every story, even about the past, is a new story. Every story a writer tells is one Trump cannot control," wrote the organization's executive director, Halimah Marcus. "Electric Literature will continue to publish culturally enriching stories about the past, present, and future with honesty and heart."
Portland Playhouse posted on Instagram that the administration had withdrawn the nonprofit theater's $25,000 NEA grant on the eve of the opening night of a production the funding was meant to support.
"To receive this news on the eve of opening night is deeply disappointing. While we have no plans currently to cancel our production, moving forward without the support of this critical funding presents a significant challenge for our company," the playhouse wrote. "We know we're not alone. Arts organizations across the country are grappling with reduced support at a time when the need for community, connection, and cultural expression is vital."
According to n+1's development director Dani Oliver, the magazine on Friday learned about the termination of its $12,500 2025 NEA grant "meant to help us pay our authors, our editors, and to have the magazine distributed to our readers."
"We're trying to stay optimistic, but with the administration's other announcement this week that the NEA might be shut down in its entirety, it's hard to do so," Oliver added.
Earlier Friday, Trump proposed completely getting rid of the NEA in his budget blueprint for fiscal year 2026.
Next to where the NEA appears in the budget, the document explains that "the budget includes the elimination of, or the elimination of federal funding for, the following small agencies."
In addition to NEA, Trump's budget also proposed eliminating funding for the National Endowment for Humanities and the Institute of Museum and Library Services. The New York Timesreported Friday that "the proposal to eliminate the endowments drew a quick and furious reaction from Democrats."
The Times also reported that on Monday a group of senior officials at the NEA announced their resignations.
One observer, Manhattan Borough President Mark Levine, connected the grant terminations to the effort by Republicans in Congress to pass a round of tax cuts that will primarily benefit the wealthy. "The next thing Trump is trying to tear down: the arts," he wrote on X Tuesday. "All to fund tax cuts for billionaires."
Keep ReadingShow Less
Most Popular