There is nothin like kicking a country when it is down. Having stolen their resources, contributed the largest contribution to Global warming with its effects on lives, the environment and little things such as migration, Western vultures are still allowed to screw them further - before there is anything left.
#EU#ECB#Banks#ClimateChange#ClimateRisks: "The European Central Bank is set to take the unprecedented step of imposing fines on several lenders for their protracted failure to address the impact of climate change.
As many as four lenders face penalties after not meeting deadlines set by the ECB for assessing their exposure to climate risks, according to people familiar with the matter. The amounts aren’t final yet and may be largely symbolic, the people said, who asked not to be named as the move isn’t public.
A spokeswoman for the ECB, which directly oversees more than 100 banks, declined to comment.
The imposition of fines still marks an unusually harsh step toward forcing banks to comply with the ECB’s views on how they should manage climate risks. The move comes after years of pressure, with former banking supervision head Andrea Enria stating in a September interview with Bloomberg that the ECB would resort to such sanctions as an alternative to higher capital requirements."
Today, I learned about a very interesting project put together by Data For Good and éclaircies: https://www.carbonbombs.org
It explains the concept of #carbonBombs and provides transparent data and visualization about the world's biggest #fossil fuel extraction projects, and their links with #companies and #banks !
It comes with maps, graphs and figures that highlight the 425 fossil fuel projects around the world that will generate more than 1 gigatonne of CO₂ emissions during their lifetime.
Can't Buy My Silence, a group that campaigns for legal changes related to misuse of nondisclosure agreements, estimates that 95 per cent of civil suit settlements in Canada now include one. Those cases range from lawsuits over bad investment advice to insurance claims, real estate disputes, building construction defects, sexual harassment cases and more.
"In the exercise, undertaken over several months in 2023, the central bank aimed to understand how lenders would manage the risks of rising temperatures and changing external policies.
"Participants suggested that climate-related risks are highly uncertain and challenging to measure," the report said."
Big Oil and its allies are attacking the International Energy Agency for forecasting a relatively imminent peak in fossil-fuel demand and the rapid uptake of #renewables
The fossil fuel industry is shooting the messenger, because the message contains the words "stranded assets".
If the banks hear that message, that industry is DONE.
"The 15th annual Banking on Climate Chaos (BOCC) report looked at how the top 60 #banks in the world are underwriting and lending to over 4,200 #FossilFuel firms.
Since the Paris Agreement to limit global warming was signed in 2016, these banks have financed fossil fuels with $6.9 trillion (€6.4 trillion). The report says $3.3 trillion (€3 trillion) - almost half of this amount - went towards fossil fuel expansion alone."
"By analysing global accounting regulations using data on European banks, our team of researchers identified a structural bias in financial models which are required to assess and report risk.
Alarmingly, they tend to judge carbon-intensive assets as less risky than lower carbon ones."