"A recent divestment bill that would have directed managers of California’s public pension and teachers’ retirement funds to stop investing in the 200 largest oil, gas and coal companies failed in the Legislature for the second year in a row."

https://www.desmog.com/2023/08/18/one-person-stopped-californias-divestment-from-fossil-fuels-again/

#California #FossilFinance #PensionFunds #Divestment #FossilFuelIndustry

"Mainstream economists accused of playing down climate threat …

'What economists have done is say that climate change is a cat in the bush, not a tiger'

… if investors’ expectations don’t catch up with the physical climate science in an orderly manner, then they will do it in an 'unpleasant, abrupt and wealth-destroying' way."

https://www.climatechangenews.com/2023/08/08/economics-climate-threat-models/

#FossilFinance #Economy #ClimateCrisis

"BP 'surprised investors' by increasing the dividend by 10% …

[BP is] positive about the future for fossil fuels, describing demand for oil as 'incredibly strong', with 'constructive' prices expected in the year ahead"

https://www.carbonbrief.org/daily-brief/bps-2bn-profits-cause-anger-amid-climate-crisis/#singlebrief0

#BP #BritishPetroleum #FossilFuelIndustry #FossilFinance #ClimateCrisis

"Pension funds are risking economic catastrophe by relying on flawed economic advice around climate risk, finds a new report published by the think tank Carbon Tracker.

Financial institutions are underestimating the dangers and economic damages of climate change by relying on research from a small group of climate economists that ignores the impact of climate 'tipping points'"

https://www.energymonitor.ai/finance/risk-management/flawed-climate-risk-advice-to-pension-funds-driving-us-off-a-cliff-edge/

#ClimateCrisis #FossilFinance #Economy #PensionFunds

"the financial community started walking back their ESG [Environmental Sustainability Governance Goals] pledges almost as soon as they made them …

BlackRock has decided to add the CEO of Saudi Aramco to its board of directors. Saudi Aramco happens to be responsible for more carbon emissions than any corporation in human history"

https://cleantechnica.com/2023/07/25/bill-mckibben-blasts-blackrock-decision-to-add-saudi-aramco-ceo-to-its-board/

#FossilFinance #BlackRock #SaudiAramco

"EU must pick up speed on climate action, net-zero watchdog warns

… analysis of the finance sector was 'the most worrying' … moving in the wrong direction.

Fossil fuel investment and subsidies continue to plague the EU’s commitments to emissions reductions. Between 2015 and 2020, … authorities within the EU decreased environmental taxation and increased funding for fossil fuels to approximately €1.5bn per year.

https://www.energymonitor.ai/policy/eu-net-zero-transition-too-slow-ecno-report/

#FossilFuelIndustry #EU #EnergyTransition #FossilFinance