European Parliament calls on public & private financial institutions to divest from fossil fuels in climate change-focused resolution

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Article
28 September 2017

European Parliament resolution on the 2017 Climate Change Conference in Bonn, Germany (COP23)

Author: European Parliament

The European Parliament,...

1.  Recalls that climate change is one of the most important challenges for humankind and that all states and all players worldwide need to do their utmost to limit the associated problems; underlines that the Paris Agreement is a major step in that direction, although much more still needs to be done;

...Climate finance and other means of implementation

... 32.  Calls on governments and public and private financial institutions, including banks, pension funds and insurance firms, to make an ambitious commitment to aligning lending and investment practices with the global average temperature target of well below 2°C, in line with Article 2(1)(c) of the Paris Agreement, and divesting from fossil fuels, including by phasing out export credits for fossil fuel investments; calls for specific public guarantees to promote green investment and labels and offer fiscal advantages for green investment funds and the issuing of green bonds.

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Article
6 October 2017

ESG roundup: Beware a ‘diesel moment’ for chemical sector

Author: Susanna Rust, International Publishers Limited (UK)

A resolution passed by the European Parliament states that pension funds should commit to divesting from fossil fuels. The relevant passage of the resolution... states that the European Parliament, "calls on governments and public and private financial institutions, including banks, pension funds and insurance firms, to make an ambitious commitment to aligning lending and investment practices with the global average temperature target of well below 2°C, in line with Article 2(1)(c) of the Paris Agreement, and divesting from fossil fuels, including by phasing out export credits for fossil fuel investments; calls for specific public guarantees to promote green investment and labels and offer fiscal advantages for green investment funds and the issuing of green bonds.”

... Elo Mutual Pension Insurance Company has become the first Finnish member of the Institutional Investors Group on Climate Change (IIGCC)... [with] 21.8bn euro of assets under management.

[Refers to: Aberdeen and Friends Life, Aviva, BHP Billiton, British American Tobacco, EOG Resources, Rio Tinto, Royal Dutch Shell, Rio Tinto, Schroders]

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