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August 2022

Dear subscriber,

Welcome to this August News Digest, which follows another month of climate-change driven disasters, from devastating floods in Pakistan and searing heat in China to deadly drought in East Africa. We’re witnessing a climate breakdown that is caused in large part by bank finance for fossil fuels, and with each new disaster that unfolds, the case for a halt to all finance for fossil fuel expansion grows more urgent. 

One source from which we can draw hope is the remarkable resilience and strength of affected communities around the world. A case in point is the resistance of the Wangan and Jagalingou Cultural Custodians against Adani’s Carmichael Coal Mine. As a Banking on Climate Chaos case study this month highlights, these Indigenous custodians are using the one-year anniversary of the reoccupation of their lands near the Adani mine to call on Adani's major investors, including HSBC, JPMorgan, MUFG and BlackRock, to divest from the company. 

Also in this month’s Digest, a recent report shows that Barclays provided over £3 billion in loans and underwriting and holds over £1 billion in shares in nine companies whose weapons, components and military technology have been used in Israel’s armed violence against Palestinians. And a second report on the arms trade shows that the largest fifteen European banks have invested EUR 87.7 billion in companies that sell weapons to states involved in human rights violations or armed conflict. 

Finally, we publish three new Dodgy Deal profiles this month, including Adani’s Godda coal power plant in India as well as Enviva and CPMC, both of which are involved in the manufacture of wood pellets used in biomass power plants - see below. Burning forest biomass instead of fossil fuels is not a solution to the climate crisis - in a world on fire, we need to stop burning things.

With best wishes,

The BankTrack Team

Banks in this digest
Barclays
HSBC
JPMorgan
Mizuho
MUFG
SMBC
Standard Bank

Top story

Indigenous Australians to investors: Dump Adani Group

BankTrack, Rainforest Action Network, TippingPoint Australia & Wangan and Jagalingou Nagana Yarrbayn Cultural Custodians, August 22

The Wangan and Jagalingou Cultural Custodians of Queensland, Australia, are calling on Adani’s major investors - HSBC, JP Morgan, MUFG and BlackRock  - to stop financing the Adani Group. They are protecting their ancestral lands and waters from the Carmichael Coal Mine, which will produce 4.6 billion tons of carbon pollution over its lifetime and pump out billions of litres of groundwater, potentially destroying sacred springs nearby.  A case study recently released by the Banking on Climate Chaos report showcases the resistance of the W&J Cultural Custodians, who are celebrating the one-year anniversary of the reoccupation of their lands near the Adani mine.
For more information, read the Press Release and the blog
Read more...

BankTrack news

Civil society groups say UN-backed TNFD proposal risks opening a new frontier for corporate greenwashing on nature

Amazon Watch, BankTrack & others, Aug 3 

Today, thirteen civil society organizations are sounding the alarm about the corporate greenwashing on nature that the work of the Taskforce on Nature-related Financial Disclosures (TNFD) might facilitate. Read more...
 

#StopEACOP campaign calls on Standard Bank to come clean about its funding of the East African Crude Oil Pipeline

#StopEACOP, Aug 22

It is time for transparency. #StopEACOP calls on Standard Bank to publicly confirm – and explain – its position and to end the prevarication and evasiveness which has characterised its responses to civil society for a number of years. Read more...
 

Civil Society news on banks

New report: Largest European banks bankroll high-risk arms traders

PAX, July 12  

The largest fifteen banks in Europe invest 87.7 billion euros in arms companies that sell weapons to states involved in human rights violations or armed conflict. While most of the fifteen banks do have a defence-sector policy outlining the risks, some banks limit the application of this policy to the financing of specific arms transactions.  Read more...
 

New report: Barclays - Banking on Apartheid

Campaign Against Arms Trade, Palestine Solidarity Campaign & War on Want, July 14

Barclays Bank holds over £1 billion GBP in shares of nine companies whose weapons, components, and military technology have been used in Israel’s armed violence against Palestinians. In addition, Barclays provides over £3 billion GBP in loans and underwriting to these companies. Read more...
 

You’ve probably never heard about TNFD: But it threatens to be the new frontier in corporate greenwashing

Rainforest Action Network, Aug 15

In this blog, Shona Hawkes answers five key questions about the Taskforce on Nature-related Financial Disclosures (TNFD) and outlines why you should be concerned.  Read more...
 

Japan’s megabanks: no net-zero banking ambition

Reclaim Finance, Aug 24

The 3 Japanese banks only exclude some new coal projects from their financial services while the bulk of the support to the coal sector comes from corporate financing. While no robust commitments have been made yet towards the oil and gas sector, all 3 keep financing companies with coal expansion plans, without any restriction.  Read more...
 

New Dodgy Deals

Enviva, United States

As a pellet manufacturer, Enviva sources wood from native hardwood forests in an area designated as a global biodiversity hotspot in the southeastern United States. In addition, large diameter wood known to be high in carbon has been found in Enviva's supply chains. Through destructive logging practices, Enviva is contributing to the destruction of irreplaceable forests and increasing greenhouse gas emissions. Read the profile here.
 

Compañía Manufacturera de Papeles y Cartones (CPMC), Chile

CMPC has several large monoculture plantations in Chile for its pulp and paper production, which have harmful impacts on biodiversity and the climate. In addition, the company’s reliance on biomass power plants puts further pressure on ecosystems and the climate. CMPC and its subsidiaries have been involved in numerous violent conflicts with the Mapuche Indigenous Peoples.  Read the profile here.
 

Adani Godda thermal power project, India

The Godda power project has acquired land for the development of the plant by violating land rights of the Indigenous people in the Santhal Pargana division. Besides producing pollution through the massive amount of coal burnt daily, the vast amount of water required for the operation of the plant will put pressure on water resources from the Ganges river. Read the profile here.
 

Dodgy Deal profiles updated in August

Also on our radar...

  • Uncertain future for Adani’s Carmichael coal mine: July 1, Global Trade Review
  • How Republicans Are ‘Weaponizing’ Public Office Against Climate Action: August 5, The New York Times
  • Finance groups risk being kicked out of Mark-Carney-led climate coalition: August 22, Financial Times
  • UK and US banks among biggest backers of Russian ‘carbon bombs’, data shows: 24 August, The Guardian
  • Fueling Genocide: Western Financial Institutions Must Stop Supporting Russia: 25 August, Euro Integration

Take action!

Banks: Exit Russia to stop funding the war


BankTrack joins the Business for Ukraine coalition on calling on businesses including banks to respect human rights in word and in deed and #exitRussia to #StopFundingTheWar in Ukraine.

Read more and take action here.

That’s all for the BankTrack monthly digest this month. Thank you for subscribing!

BankTrack is the tracking, campaigning and civil society support organisation targeting the operations and investments of commercial banks globally.

 
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BankTrack is the tracking, campaigning and civil society support organisation targeting the operations and investments of commercial banks globally.