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greenhouse gas emissions
Morgan Stanley Latest Wall Street Giant to Ditch Net-Zero Coalition
Earlier this week, Bank of America and Citigroup also said they were leaving the Net-Zero Banking Alliance.
Jan 02, 2025
On Thursday, the Wall Street titan Morgan Stanley became the latest financial institution to leave the Net-Zero Banking Alliance, a United Nations-convened group of banks committed to "aligning their lending, investment, and capital markets activities with net-zero greenhouse gas emissions by 2050."
The defections keep piling up. Earlier this week, Bank of America and Citigroup said they were leaving the alliance, and earlier in December Goldman Sachs Group and Wells Fargo announced they were doing the same.
“We will continue to report on our progress as we work towards our 2030 interim financed-emissions targets,” Morgan Stanley toldBloomberg in an email.
While Morgan Stanley didn't offer an explanation for the exit, according to Reuters, financial firms have repeatedly found themselves in the crosshairs of some members of the GOP who argue that corporate efforts to limit fossil fuels run afoul of antitrust law.
Last summer, the Republican members of the House Judiciary Committee published a report accusing financial institutions colluding to impose "radical environmental, social, and governance (ESG) goals on American companies." Their probe was largely focused on another climate group, Climate Action 100+, which is made up of financial institutions who strive to engage companies they invest in on climate issues. That coalition has also experienced a number of defections.
In December, 11 GOP-led states sued three asset managers in federal court, arguing that the firms had "artificially constrained the supply of coal, significantly diminished competition in the markets for coal, increased energy prices for American consumers, and produced cartel-level profits" for the firms in violation of antitrust law.
Despite the stated goals of the Net-Zero Banking Alliance, Morgan Stanley and other firms who are a part of the alliance have remained a major financial life lines for fossil fuel companies.
According to a report published by a group of NGOs in 2023, 56 of the largest banks in the Net-Zero Banking Alliance—including Morgan Stanley—have provided nearly $270 billion in the form of loans and underwriting to more than 100 "major fossil fuel expanders," from Saudi Aramco to ExxonMobil to Shell.
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Top 2024 Victories for People and Planet to Inspire Next Year’s Activism
Across the globe, people took bold steps to care for the planet; 2024 showed us the strength of coming together with purpose and passion.
Dec 31, 2024
Dear changemakers, thank you for all that you’ve done this year.
Reflecting on 2024, we endured yet another year filled with climate catastrophes, political unrest, and international inequality. But even through these challenging times we can find hope in our collective actions and victories, no matter how big or small. Together, we can pave the way forward towards a better future.
Dear Earth, thank you for continuing to show up every day for us.
Across the globe, people took bold steps to care for the planet. 2024 showed us the strength of coming together with purpose and passion. These efforts may not solve every challenge overnight, but they are the building blocks of creating lasting change.
Dear Earth citizens, we invite you to take moments to appreciate living on this planet.
The journey that we are on is a long one, so friends, take care of yourself as we heal the world together. What lies ahead may not be easy, but as we continue to show up, make our voices heard, and hold polluters accountable we must not forget to take care of ourselves, our peers and our communities.
Dear all, we hope that you’ll join us on this journey towards a better future, taking care of our planet, ourselves, and each other.
With courage as our compass and optimism as our fuel, here are some of the top victories of 2024 for people and the planet to inspire us to keep taking action.
United Kingdom: Shell Backs Down in Lawsuit Against Greenpeace
In February 2023, Shell launched a multi-million dollar lawsuit against Greenpeace U.K. and Greenpeace International over a peaceful protest. But with our supporters behind us, we showed Shell their bullying tactics won’t intimidate us—and now they’ve backed down and agreed to settle out of court. People power works—this campaign was fought with the support of thousands of ordinary people against one of the richest companies in the world.
This legal battle might be over, but Big Oil’s dirty tricks aren’t going away. With Greenpeace facing further lawsuits around the world, we won’t stop campaigning until the fossil fuel industry stops drilling and starts paying for the damage it is causing to people and the planet.
Norway: Arctic Deep-sea Mining Plans Stopped
Huge win for the ocean as Arctic deep-sea mining plans are stopped in Norway! After more than a year of decisive campaign work and massive pressure from activists, scientists, and the international community, the Norwegian government has agreed to stop the first licensing round for deep-sea mining in Arctic waters for at least the rest of their term in office, until the next election.
This is a major and important environmental victory which shows that mobilization and people power works.
Indonesia: Measures to Regulate Labor Standards for Fishing Vessels Adopted
After years of discussions, rejections, objections, and negotiations involving governments, civil society organizations including Greenpeace Indonesia, and unions representing migrant fishers, the Western and Central Pacific Fisheries Commission (WCPFC) finally adopted the Conservation and Management Measures (CMM) for Crew Labor Standards on December 3, 2024.
The WCPFC oversees fish population management, promotes sustainable fishing practices, and implements conservation measures. This decision underscores their commitment to ensure the well-being of crew in an industry that suffers from serious labour abuses.
Oceans: Deep-Sea Miners’ Efforts to Limit the Right to Protest at Sea Rejected
Over the last year, The Metals Company and its enablers have repeatedly tried to silence the global wave of resistance. After failing to get an injunction that stopped the action at sea, and unsuccessfully lobbying governments to limit protests around deep-sea mining vessels at the International Seabed Authority in March, the company pursued an appeal at the Amsterdam Court of Appeal to try and secure immunity against future Greenpeace protests at sea. But thanks to the incredible work of Greenpeace International’s legal unit, on November 12, 2024, the court ruled once more in our favor, reaffirming our right to peaceful protest at sea.
Brazil: Sawré Muybu Territory Officially Demarcated
On September 25, 2024, the Sawré Muybu territory in the Tapajós River Basin in the heart of the Amazon rainforest was officially demarcated. The Munduruku People have been fighting for the rights to a land that has always belonged to them but is threatened by mining, illegal logging, and infrastructure projects. This is a historic and profoundly symbolic victory not only for the Munduruku, but for all Indigenous Peoples of the Amazon and Brazil.
South Korea: Top Court Ruled the Country’s Carbon Neutrality Law as Unconstitutional
On 29 August 2024, South Korea’s Constitutional Court ruled the country’s carbon neutrality law as unconstitutional for violating citizen’s rights—making it the first ruling of its kind in Asia! The petition was filed in 2020 by over 200 plaintiffs, including young activists and even infants, and is Asia’s first climate court case targeting a country’s carbon neutrality commitments. This is a major climate win for future generations, and could potentially set a precedent in the region for other climate cases.
Australia: Woolworths and McDonald’s Commit to Going Deforestation-Free
Woolworths and McDonald’s in Australia announced their commitments to source deforestation-free beef. Woolworths will do so by the end of 2025 but McDonald’s will implement theirs by 2030 (Greenpeace Australia Pacific will continue to engage with McDonald’s to ensure they commit to taking deforestation off the menu—by 2025!). These two giant corporations are some of Australia’s biggest retailers and major buyers of Australian beef.
This is a major example of people power as Greenpeace Australia Pacific supporters had sent the big corporations thousands of emails, demanding they go deforestation-free.
Global: Breakthrough for Global Tax Justice
In a big win for global tax justice, a favourable blueprint for a UN Tax Convention that will pave the way for a fair and efficient global tax system was laid out in August. An inclusive tax cooperation system will shift power from a few rich OECD countries to the UN where every country has a vote and help governments around the world recover the billions lost to tax dodging by multinational corporations and the ultra-rich. There is still much to do to keep up the pressure as negotiations will continue until 2027.
South Africa: Shell Loses Appeal in Case Halting Plans for Oil and Gas Exploration
Big win against Shell in South Africa! After protests by the community and fishers, Shell loses its appeal against the landmark decision in 2022 which ruled against their plans to conduct oil and gas exploration off the Wild Coast of South Africa. The court says Shell failed to properly inform and consult affected communities, taking into account community rights and environmental harm. Unfortunately, the fight is not yet over as the court has left the door open for Shell’s application to renew its exploration right. Together with allies and the community, Greenpeace Africa is resolute in continuing to fight to stop Big Oil from exploiting the planet for its own profit.
Papua: Major Land Rights Win for Indigenous Peoples
On June 6, 4,000 Indigenous Papuans finally received legal recognition of customary rights over 97,411 hectares of tropical rainforests in South Sorong Regency. The newly recognised Indigenous lands of the Knasaimos Peoples spans an area almost the size of Hong Kong.
As with many Indigenous communities across Tanah Papua (the western half of New Guinea, also known internationally as West Papua), the Knasaimos Peoples have been fighting for decades to protect their customary lands from exploitation by external interests such as logging and plantation companies. This ruling finally provides legal recognition of their rights to the land, forests, water, and other natural resources that are their ancestral heritage.
Oceans: World’s Highest Oceans Court Ruling to Protect Our Oceans
In a historic Advisory Opinion, the International Tribunal for the Law of the Sea (ITLOS), the world’s highest oceans court, found that greenhouse gas emissions are a form of marine pollution and countries are obligated to reduce emissions for the sake of our oceans. The ruling is a huge victory in the protection and preservation of the marine environment.
Europe: European Nature Restoration Law Passed
The European Nature Restoration Law was passed and has come into effect! This law is the most important piece of environmental legislation in Europe in decades, aiming to restore and protect European biodiversity hotspots. It imposes unprecedented legally binding obligations onto E.U. Member States to restore protected nature reserves, peatlands, and dwindling bird and pollinator populations, and protect urban nature amongst others. This is a huge win for the nature movement in Europe!
Switzerland: Historic Court Win Confirms That Climate Protection Is a Human Right
The Association of Senior Women for Climate Protection Switzerland, also known as the KlimaSeniorinnen, took action against their country, Switzerland, for violating the seniors’ human rights by failing to set sufficient climate targets. On April 9, they received the landmark decision of the European Court of Human Rights (ECtHR), achieving a historic victory for all generations. The ruling is an iconic moment for climate justice globally, confirming that climate protection is a human right.
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Meet the Banks and Investors Funding the LNG 'Carbon Bomb'
"Banks and investors can still act to put an end to the unrestrained support they offer to the companies responsible for LNG expansion," the authors of a new report said.
Dec 05, 2024
Liquefied natural gas developers have expansion plans that could release 10 additional metric gigatons of climate pollution by 2030, and major banks and investors are enabling them to the tune of nearly $500 billion.
A new report published by Reclaim Finance on Thursday calculates that, between 2021 and 2023, 400 banks put $213 billion toward LNG expansion and 400 investors funded the buildout with $252 billion as of May 2024.
"Oil and gas companies are betting their future on LNG projects, but every single one of their planned projects puts the future of the Paris agreement in danger," Reclaim Finance campaigner Justine Duclos-Gonda said in a statement. "Banks and investors claim to be supporting oil and gas companies in the transition, but instead they are investing billions of dollars in future climate bombs."
"While banks will secure their profits, it's at the expense of frontline communities who often will not be able to get their livelihoods, health, or loved ones back."
The International Energy Agency has concluded since 2022 that no new LNG export developments are required to meet energy demand while limiting global temperatures to 1.5°C above preindustrial levels. Despite this, LNG developers have upped export capacity by 7% and import capacity by 19% in the last two years alone, according to Reclaim Finance. By the end of the decade, they are planning an additional 156 terminals: 93 for imports and 63 for exports.
Those 63 export terminals, if built, could alone release 10 metric gigatons of greenhouse gas emissions—nearly as much as all currently operating coal plants release in a year. What's more, building more LNG infrastructure undermines the green transition.
"Each new LNG project is a stumbling block to the Paris agreement and will lock in long-term dependence on fossil fuels, hampering the shift toward low-carbon economies," the report authors explained.
Many large banks have pledged to reach net-zero emissions, yet they are still financing the LNG boom. U.S. banks are especially responsible, Reclaim Finance found, funding nearly a quarter of the buildout, followed by Japanese banks at around 14%.
The top 10 banks funding LNG expansion are:
- Mitsubishi UFG Financial Group (Japan)
- JP Morgan Chase (U.S.)
- Mizuho (Japan)
- Gazprombank (Russia)
- SMBC Group (Japan)
- Bank of America (U.S.)
- Citigroup (U.S.)
- Goldman Sachs (U.S.)
- Morgan Stanley (U.S.)
- RBC (Canada)
While 26 of the banks on the report's list of top 30 LNG financiers have made 2050 net-zero commitments, none of them have adopted a policy to stop funding LNG projects. None of top 10 banks have any LNG policy at all, despite the fact that Bank of America and Morgan Stanley helped found the Net Zero Banking Alliance. Instead of winding down financing, these banks are winding it up, as LNG funding increased by 25% from 2021 to 2023. In 2023 alone, 1,453 transactions were made between banks and LNG developers.
All of this funding comes despite not only climate risks, but also the local dangers posed by LNG export terminals to frontline communities. Venture Global's Calcasieu Pass LNG, for example, has harmed health through excessive air pollution while dredging and tanker traffic has disturbed ecosystems and the livelihoods of fishers.
"Banks still financing LNG export terminals and companies are focused on short-term profits and cashing in on the situation before global LNG oversupply kicks in. On the demand side, financing LNG import terminals delays the much-needed just transition," said Rieke Butijn, a climate campaigner and researcher at BankTrack. "While banks will secure their profits, it's at the expense of frontline communities who often will not be able to get their livelihoods, health, or loved ones back. People from the U.S. Gulf South to Mozambique and the Philippines are rising up against LNG, and banks need to listen."
The report also looked at major investors in the LNG boom. Here too, the U.S. led the way, contributing 71% of the total backing.
The top 10 LNG investors are:
- BlackRock
- Vanguard
- State Street
- Fidelity Investments
- Capital Group
- GPFG
- JP Morgan Chase
- Brookfield Asset Management
- Blackstone
- MSBI
Just three of these entities—BlackRock, Vanguard, and State Street—contributed 24% of all investments.
Reclaim Finance noted that it is not too late to defuse the LNG carbon bomb.
"Nearly three-quarters of future LNG export and import capacity has yet to be constructed," the report authors wrote. "This means that banks and investors can still act to put an end to the unrestrained support they offer to the companies responsible for LNG expansion."
To this end, Reclaim Finance recommended that banks establish policies to end all financial services to new or expanding LNG facilities and to end corporate financing to companies that develop new LNG export infrastructure. Investors, meanwhile, should set an expectation that any developers in their portfolios stop expansion plans and should not make new investments in companies that continue to develop LNG export facilities. Both banks and investors should make clear to LNG import developers that they must have a plan to transition away from fossil fuels consistent with the 1.5°C goal.
"LNG is a fossil fuel, and new projects have no part to play in a sustainable transition," Duclos-Gonda said. "Banks and investors must take responsibility and stop supporting LNG developers and new terminals immediately."
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