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."
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."
The other day I had to deposit a large check at Wells Fargo The office had been remodeled and there was now a couple of large-screen tvs behind the counter on the wall with updating displays. As they processed the check, a message came up about what someone could do with a certain amount of funds, and lo! It was the exact amount of my deposit!
That number kept coming up the whole time I was at the counter, in different displays, and the only thing I can think is that they have an AI with access to transaction records. #banks