Changes in the banking sector over the past half-century have produced dramatic consolidation, making a handful of big banks outsize financial engines in the fossil fuel industry.
Barclays’ annual general meeting was disrupted by climate activists deploying Shakespeare-inspired quotes and reworked lyrics of a Spice Girls hit to condemn the bank’s role as one of Europe’s largest funders of fossil fuels.
Analysis: Congress’ action, spurred by U.S. Sen. Lisa Murkowski, prompted conservation groups to launch a successful campaign to block big banks and insurers from backing drilling not just in the refuge, but anywhere in the Arctic.
Global regulators published a detailed checklist for banks to assess how climate change affects all aspects of their business, including pay and capital, as economies set carbon reduction targets.
Europe’s effort to wean its economy off Russian gas is likely to be a persistent boost to inflation even beyond the current spike, European Central Bank board member Isabel Schnabel says.
