Oil Price There is no large international bank without a net-zero plan. These plans invariably include curbs in lending to the oil and gas industry. Yet despite these plans. Most of the world’s top lenders continue doing business with the oil industry—and they’ve been doing more of it lately. The revelation comes from the 15th annual Banking on Climate Chaos report authored by
Oil Price The US Federal Reserve has blocked an attempt led by the European Central Bank (ECB) to make climate risks a pillar of global rules for banks and require them to report their strategies on meeting climate commitments, sources with knowledge of the matter have told Bloomberg. Some members of the Basel Committee on Banking Supervision (BCBS), which includes central
Oil Price Following the signing of the Paris Agreement by 193 states and the EU and after the COP27 climate summit in 2021, several major financial institutions came under fire for their continued support of fossil fuel companies. As governments worldwide introduce new climate policies and put pressure on oil and gas firms to improve operations and curb their carbon
Nasdaq New York City pension leaders said the $262 billion system will mostly favor calls for sharp limits on fossil fuel lending at top banks this week, giving a late boost to activists who have gained little backing from proxy advisers. The fate of the closely watched shareholder resolutions will show how investors will weigh climate concerns against rising energy
World Oil (Bloomberg) — Canada’s banks have only just started on the path toward zeroing-out the carbon emissions of the companies they lend to, and already they’re running into conflicts between what climate activists and ESG investors want and what Canada’s oil-dependent economy demands of them. Fossil-fuel lending is a tiny part of the loan businesses for many banks outside
World Oil HOUSTON (Bloomberg) –Oil drillers in the biggest U.S. fields are shouldering record costs at the same time that some banks are increasingly reluctant to loan money to the sector, according to the Federal Reserve Bank of Dallas. Equipment, leasing and other input costs for oil explorers and the contractors they hire surged to an all-time high during the
World Oil (Bloomberg) –Banks are gradually offering more credit to U.S. shale oil and natural gas producers as the industry recovers from last year’s contraction and energy prices rally. So-called borrowing bases will increase as much as 20% during the imminent round of talks between drillers and lenders, according to most respondents in a survey conducted by law firm Haynes
Reuters WASHINGTON – U.S. regulators will “eventually” have to factor climate change risks into bank capital rules, but it is still too soon to say when that would become necessary, a top official told Reuters. Acting Comptroller of the Currency Michael Hsu said in an interview that regulators were still exploring the best way to incorporate climate change risks such
CNBC Retail investors aren’t just flocking to Robinhood. Fidelity gathered millions of new clients – including millennials – during the first three months of the year. Fidelity Investments added 4.1 million new accounts in the first quarter of 2021, up nearly 160% from the first quarter of 2020. The firm also raked in members of a new generation of retail
CNBC LONDON — Credit Suisse and Nomura warned Monday of “significant” hits to first-quarter results, after they began exiting positions with a large U.S. hedge fund that defaulted on margin calls last week. While neither Credit Suisse nor Nomura named the fund, it’s been widely reported that Archegos Capital Management is the firm connected to the fire sale. In a trading update before the
Reuters DUBAI – Saudi Aramco has sent a request for proposals to banks for financing it wants to offer to investors looking to lease its pipelines, three sources said, a sign the oil giant is progressing with plans to extract value from its assets. Aramco, which is being advised by JPMorgan and Japan’s MUFG on the financing, has sent the
CNBC S&P Global Ratings warned that banks could face their toughest year since the aftermath of the global financial crisis, with four key risks hanging over the sector. The ratings agency currently has a “negative” outlook for about one third of global banks, with many downward revisions taken in light of the Covid-19 crisis and the oil price shock experienced
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