bp ditches its 19.75% stake in Russian oil giant Rosneft

The energy giant will take up to $25 billion hit because of the exit

US financial sector ‘is the world’s fifth largest polluter’

US banks have financed projects emitting nearly the same amount of CO2 as Russia’s annual net emissions

‘We can’t solve the climate crisis without the banks’ says Sir James Bevan

The Environment Agency Chief Executive looked forward following COP26 in his speech delivered to the banking sector – claiming they have “more power than most countries to create the change we need”

New Green Banking Academy launched in Europe and Central Asia

Implemented in partnership with the Austrian Federal Ministry of Finance, the initiative will help accelerate the green transformation of the banking sector in the region while tackling climate change

UN publishes guidance for financial institutions to invest in ocean health

Banks, insurers and investors have a ‘major role’ to play in financing the transition towards a sustainable blue economy, helping to rebuild ocean prosperity and restore biodiversity to the ocean

UK to set up green finance research hubs in London and Leeds

The research centres will help divert investment away from unsustainable activities such as deforestation and fossil fuels and towards low carbon sectors, ensuring climate and environment are at the heart of UK financial decision making

Banks ‘are silently and indiscriminately financing a toxic tide of plastic pollution’

Portfolio Earth claims financiers are ‘co-responsible’ for propping up the plastic packaging industry, one of the main contributors to harmful plastic waste

Development banks ‘cutting renewable investment despite climate crisis’

Christian Aid says institutions such as the World Bank are not in line with the Paris Agreement goal of keeping global heating to 1.5°C

Banks worth $47tn adopt new UN-backed climate principles

They represent around one third of the entire global banking sector

India’s publicly owned banks ‘favour coal lending over renewables’

The Centre for Financial Accountability said coal received $9.4bn last year, compared to clean technologies receiving $3.5bn