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    Common Dreams. To inform. To inspire. To ignite change for the common good.
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    LATEST NEWSOPINIONCLIMATEECONOMY POLITICS RIGHTS & JUSTICEWAR & PEACE
    LATEST NEWS
    OPINION
    Common DreamsTo inform. To inspire. To ignite change for the common good.

    urgewald

    Report Names Institutions Behind $4.3 Trillion in Climate-Wrecking Investments

    Report Names Institutions Behind $4.3 Trillion in Climate-Wrecking Investments

    "Investors need to draw a red line on fossil fuel expansion and they need to do it now," said an author of the report, which cites Vanguard and BlackRock as the largest institutional investors in fossil fuel companies.

    Edward Carver
    Jul 09, 2024

    Institutional investors including the Vanguard Group and BlackRock collectively own $4.3 trillion in the stocks and bonds of fossil fuel companies, according to a report released Tuesday by Urgewald, a nonprofit based in Germany.

    Urgewald and partner nonprofits tracked investments into nearly 3,000 companies in the coal, oil, and gas sectors for Investing in Climate Chaos 2024, a report that follows on similar research they published last year.

    Keep ReadingShow Less
    News
    fossil fuels
    LNG terminal in Turkey

    Fossil Fuel Firms 'Building Bridge to Climate Chaos'

    An updated database shows that more than 1,000 oil and gas companies around the world are planning to expand their planet-wrecking infrastructure.

    Jake Johnson
    Nov 15, 2023

    More than a thousand fossil fuel companies around the world are currently planning to build new liquefied natural gas terminals, pipelines, or gas-fired power plants even as scientists warn that fossil fuel expansion is incompatible with efforts to prevent catastrophic warming.

    That's according to an updated database released Wednesday by Urgewald and dozens of partner groups. Described as the most comprehensive public database on the fossil fuel industry, the Global Oil & Gas Exit List (GOGEL) covers 1,623 companies that are operating in the upstream, midstream, or gas-fired power sector and collectively account for 95% of global oil and gas production.

    Keep ReadingShow Less
    News
    climate emergency
    World Bank protest

    World Bank Pumping Billions More Into Fossil Fuels Than Publicly Known: Study

    Exploiting a "trade finance" loophole, the bank dumped an estimated $3.7 billion into oil and gas projects in 2022.

    Jake Johnson
    Sep 12, 2023

    An analysis released Tuesday by the German nonprofit Urgewald estimated that the World Bank spent nearly $4 billion on fossil fuel financing last year, when it was under the leadership of a climate denier nominated by former U.S. President Donald Trump.

    The World Bank pledged in 2017 to end financing for upstream oil and gas—with narrow exceptions—after 2019. But Urgewald observed in its new report that the World Bank's pledge applied only to direct finance, allowing the powerful institution to funnel cash to oil and gas projects through "trade finance" dished out by its private-sector arm, the International Finance Corporation (IFC).

    Keep ReadingShow Less
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    world bank

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