This archive collects milestones and progress stories involving the finance sector — banks, investment firms, development funds, and financial institutions driving positive change. From inclusive lending to green investment, these stories highlight how money moves toward better outcomes.
The first Finance in Common Summit gathered the world’s 450 public development banks to address recovery from the COVID-19 pandemic in line with the principles of sustainable finance. In a joint declaration the Banks pledge to align financing decisions with the Paris Agreement on climate change.
JPMorgan Chase has reportedly committed to push its clients to align with the goals of the Paris Agreement and work towards global net-zero emissions by 2050.
Top asset managers Vanguard Group Inc and BlackRock Inc on Thursday introduced new exchange-traded funds that exclude oil companies, coal producers and other industries that a growing number of investors want to avoid.
The first Black-owned bank to reach $1 billion in assets has been created, due to the merger of City First Bank of D.C. in Washington and Los Angeles-based Broadway Federal Bank. The newly created lender will focus on housing, small businesses, and nonprofits.
The bank, a multinational investment company headquartered in Germany, announced Monday that it will no longer offer financial services to new projects that involve drilling for oil or gas in the Arctic.
The U.K.’s biggest pension fund, the government-backed National Employment Savings Trust (Nest) scheme with nine million members, is to begin divesting from fossil fuels in what climate campaigners have hailed as a landmark move for the industry.
The world’s biggest wealth fund was built on Norway’s oil and gas production revenue. Now, the fund is taking a stand against global warming by excluding some of the world’s largest fossil fuel companies from its portfolio.
In addition to this announcement, the investment bank has achieved its sustainable investment goal three years early, increasing its core sustainable investments by more than 56% to USD $488 billion.
JPMorgan Chase and Wells Fargo will no longer fund oil and gas drilling in the Arctic, including the Arctic National Wildlife Refuge. The announcements come on the heels of similar commitments made by Goldman Sachs and BlackRock.
The project will consist of 1.5 million solar panels that will create 500 jobs and generate about 800 million kWh per year, enough to power more than 100,000 homes.
