Lloyd’s market to quit fossil fuel insurance by 2030
The world’s biggest insurance market will stop new insurance for coal, oil sands and Arctic energy projects by 2022 and pull out of the business altogether by 2030.
Finance
This archive covers progress in finance — from expanded access to credit and banking for underserved communities to policy shifts that redirect capital toward public good. Stories here document real changes in how money moves, who controls it, and what it builds.
New York state divests from fossil fuels in historic move
The massive pension fund’s financial portfolio is worth $226 billion. The new plan is to sell off the riskiest gas and oil stocks and be completely divested from fossil fuels by 2025.
Nasdaq to mandate diversity requirements for listed companies
The diversity requirements would mandate that each of the Nasdaq’s 3,249 companies have at least one female director and at least one director who identifies as an underrepresented minority or LGBTQ+.
Bank of America promises to not fund Arctic drilling
After ongoing pressure from environmental groups and Indigenous communities, Bank of America has said it will not finance any oil and gas exploration in the Arctic, making it the last major U.S. financial institution to do so.
450 public development banks pledge to align with Paris Agreement
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, world’s biggest funder of fossil fuels, commits to “Paris-aligned” financing
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.
Vanguard, BlackRock add new climate-focused ETFs as demand soars
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.
A merger creates the world’s first Black-owned bank with more than $1 billion in assets
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 Dow Jones just dropped its oldest member: Exxon Mobil
Exxon Mobil is an iconic blue-chip stock and the longest-tenured member of the index. Exxon’s exclusion represents a big drop from the days where oil companies were kings of the stock market.
Deutsche Bank to stop funding Arctic drilling after pressure from activists
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.