Paris climate agreement News

Financial Services Industry Must Act Faster on Climate Change: Bank of England Chief

Financial services have been too slow to cut investment in fossil fuels, a delay that could lead to a sharp increase in global temperatures, Bank of England Governor Mark Carney said in an interview broadcast on Monday. Carney, due to …

Oil Industry’s $50 Billion in New Projects Conflict with Paris Climate Goals: Think Tank

Major oil companies have approved $50 billion of projects since last year that will not be economically viable if governments implement the Paris Agreement on climate change, think-tank Carbon Tracker said in a report published on Friday. The analysis found …

Insurers Pressured to Drop Coverage of Canada’s Oil Sands Pipeline

A coalition of 32 environmental and indigenous groups on Thursday urged insurers to stop underwriting the Trans Mountain pipeline to pressure Canada to cancel its plan to expand the project, which carries crude from Alberta’s oil sands to British Columbia’s …

CBA Joins Other Australian Companies with Aims to Cut Coal Exposure

Commonwealth Bank of Australia became the latest company to join a global push to reduce emissions and said it would phase out its exposure to thermal coal or power plants by 2030. The company announced a new environmental and social …

Dutch Insurer Weighs Cutting Cover for Gambling, Arms, Nuclear Power

Europe’s biggest insurers refuse to sell policies to coal miners and arms producers. A Dutch firm may go further by denying coverage to gambling companies and nuclear-power generators. The asset-management arm of ASR Nederland NV already has a list of …

Hannover Re Cuts Exposure to Coal-Based Risks, Limiting Investments, Underwriting

Hannover Re announced it is scaling back its exposure to coal-fired power plants and coal mines, joining a growing list of re/insurers that have made similar moves. In addition to excluding coal-based projects from its investment portfolio, Hannover Re said, …

BNP Paribas’ Insurance Unit Cuts Exposure to Coal on Climate Change Concerns

The Cardif insurance division of BNP Paribas, France’s largest bank, on Monday outlined new targets to reduce its exposure to coal as companies around the world step up fossil fuel divestment plans to improve the environment. Cardif, which has already …

Average World Temperatures to Far Exceed Paris Climate Agreement Goals: Report

Average world temperatures are on course to far exceed the main goal set in the 2015 Paris Agreement on limiting global warming, a study showed on Tuesday [Nov. 11]. But the overshoot by the end of this century could be …

Urgent Action Needed to Avoid ‘Unthinkable’ Damage from Climate Change: UN

Society would have to enact “unprecedented” changes to how it consumes energy, travels and builds to meet a lower global warming target or it risks increases in heat waves, flood-causing storms and the chances of drought in some regions as …

Major Oil and Gas Firms Pledge to Cut Greenhouse Gases to Fight Climate Change

A group of the world’s top oil and gas companies pledged on Monday to slash emissions of a potent greenhouse gas by a fifth by 2025 in an effort to battle climate change. The Oil and Gas Climate Initiative (OGCI), …