Today, more than 140 civil society organizations, among them Urgewald, have published an open letter to the World Bank Group. [1] In the letter, which is addressed to the World Bank’s President, David Malpass, the undersigned NGOs and individuals call on the World Bank Group to immediately adopt a commitment to end all types of support for all fossil fuels.
The French insurance company AXA has denied a bid by the German energy utility RWE to remain its customer.[1] AXA announced the full exclusion of services for the German energy utility RWE by the end of next year.
Sebastian Roetters, Energy Campaigner at the Environmental Nonprofit Group Urgewald, said: "AXA has taken a consistent stance on RWE’s climate-wrecking activities that other financial institutions should follow.
The French insurance company AXA has denied a bid by the German energy utility RWE to remain its customer. AXA announced the full exclusion of services for the German energy utility RWE by the end of next year. Sebastian Roetters, Energy Campaigner at the Environmental Nonprofit Group Urgewald, said: "AXA has taken a consistent stance on RWE’s climate-wrecking activities that other financial institutions should follow. (...)
Today, the British bank HSBC has bowed to investor pressure by ramping up its climate commitments and tabling a shareholder vote on plans to phase out coal financing by 2040. HSBC's vote will be binding if it gains the approval of 75% of shareholders. According to a recent Urgewald report, HSBC is one of the leading banks behind the global coal industry, having provided over $15 billion in loans and underwriting services to coal companies between Oct 2018 and Oct 2020.