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Big banks are providing more than twice as much finance for fossil fuels as for sustainable sources, according to new analysis published today by Reclaim Finance, Urgewald and partners, comparing for the first time finance for fossil fuels with finance for sustainable power. The analysis shows that the big German banks are not on track when it comes to financing the energy transition. Reclaim Finance and Urgewald are urging the banks to set targets for reducing their financing for fossil fuels, with an immediate end to all support for fossil fuel expansion, while significantly increasing finance for sustainable alternatives, particularly in the power sector. 

Urgewald is among the first endorsers of a petition urging the Asian Development Bank (ADB) and the World Bank Group (WBG) to uphold their decades-long stance against financing nuclear power. The WBG President Ajay Banga officially changed course on June 10, while ADB is currently reviewing its energy policy, with strong indications it will open the door to nuclear projects as well.

Chinese insurance companies are reshaping the global renewable energy insurance landscape, with three top insurers capturing over $200 million in new premiums between 2023 and 2024, according to a new analysis by Insure Our Future.

• Urgewald analysis: KENFO's fossil fuel investments have increased slightly
• Management purports "reduction of carbon intensity"
• Companies in KENFO’s portfolio have massive fossil fuel expansion plans 

Local chiefs and Mozambique and international NGOs warn that current inquiries lack independence and fail to guarantee justice and protection for victims. They call for an investigation led by the UN High Commissioner for Human Rights, as the only way to ensure a fair, impartial, safe and victim-centred process. The inquiry should also investigate members of the Joint Task force in charge of protecting the site of TotalEnergies Mozambique LNG Project.

Civil society groups and experts in rights and public accountability have hit out at the Asian Infrastructure Investment Bank (AIIB) for failing to meet international standards in its latest accountability policy.