Paul Polman blasts banks for financing extra coal than inexperienced power

LONDON – Former Unilever CEO Paul Polman beat up some big banks for investing more money in polluting industries than in renewable energy.

Speaking to CNBC’s Steve Sedgwick at the COP26 climate summit in Glasgow on Tuesday, Polman said, “We are still seeing some of the big banks funding more fossil fuels, funding coal than green energy, and that’s a big no-go.”

Sixty of the largest banks make up $ 3.8 trillion in fossil fuel companies between 2016 and 2020, according to a group of climate organizations called Banking on Climate Chaos 2021.

Polman acknowledged that some of the big banks are supporting projects that support the zero emissions transition, but said it was financially rather than ethically motivated.

“People are beginning to realize that implementing the Sustainable Development Goals – which cost $ 3 to 5 trillion annually – is far less than dealing with the dire consequences of inaction. And the financial market is actually the first to understand that. I don’t think they are moving for moral reasons, I want to be honest, but they are moving for economic reasons, “he said.

Polman added that the oil and gas industry needs to be helped to move towards greener alternatives. “We have to help the… high emitting industries that need to transform. I don’t think chastising them will do them any good … it just doesn’t work reflecting a lot of the stranding of their assets that are now worth these companies and helping them make this transition. “

The term “stranded assets” refers to fossil fuel-related assets such as coal and oil reserves that no longer able to generate financial returns when the economy moves towards green energy. Mark Carney, UN special envoy on climate change and finance, said financial markets need to be reshaped so that financial decisions can take climate change into account.

Carney chairs a coalition of financial firms called the United Nations’ Glasgow Financial Alliance for Net Zero, which aims to accelerate the transition to cleaner energy. Together, the banks manage more than $ 90 trillion in assets.

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“You see now with the Glasgow Promise that Mark Carney is a leader, that we have nearly $ 100 trillion, which is half the money in the world, and says that by 2050 I want to be net zero. Can we apply that to 2030 goals, which are absolutely crucial? Can we translate that into key actions now? ”Polman explained.

Polman’s comment comes after some of the big banks pledged to spend more to finance carbon reduction. Bank of America President Brian Moynihan said Tuesday the company will spend $ 1 trillion to achieve net-zero emissions by 2050. “To get there, we will provide $ 150 billion in funding over $ 1 trillion by 2030,” he said at COP26.

BofA is part of a task force called the Sustainable Markets Initiative that has issued a guide for financial services companies to help their customers achieve net zero emissions. Other members are JPMorgan, Barclays and Swiss credit.

– CNBC’s Sam Meredith and Catherine Clifford contributed to this report.

Islamic State model apparent in Kabul blasts – Russian diplomat – World

UNITED NATIONS, August 27th. / TASS /. Russia believes the terrorist attacks in front of Kabul airport appeared to be in the style of Islamic State (the terrorist organization banned in Russia), Russia’s Deputy Permanent Representative to the United Nations, Anna Evstigneeva, told a UN Security Council meeting on Thursday.

The diplomat expressed her condolences over the loss of life in “the terrible terrorist attacks in Kabul”.

“The ISIL (the former name of the Islamic State – TASS) is obvious,” she said.

Two explosions, apparently from suicide bombings, occurred in front of Kabul airport on Thursday. At least 60 people were killed, including 12 US soldiers, according to media reports. The radical Taliban movement (banned in Russia), which has taken power in Afghanistan, has criticized the attacks and promised to hold the perpetrators accountable.

On February 14, 2003, the Russian Supreme Court issued a ruling declaring the Taliban a terrorist organization that is banned in Russia. On December 29, 2014, the Supreme Court decided to declare the Islamic State (Islamic State of Iraq and the Levant before 2014 or ISIL) a terrorist organization. It is also banned in Russia.

Zayn Malik blasts Grammys and requires ‘inclusion and transparency’ | Leisure

Zayn Malik blasted the Grammy Awards and accused her of being manipulated.

The former One Direction star, whose latest album “Nobody Is Listening” was released in January and is therefore not eligible for this year’s nominations, hit the Recording Academy in a strongly worded tweet.

He wrote, “F *** the Grammys and everyone involved. If you don’t shake hands and send gifts, there is no nomination consideration.

“I’ll send you a basket of candy next year.”

The nominations for this year’s show, set to take place on Sunday (3/14/21), were announced in November, and the 28-year-old singer later made it clear that his rant wasn’t about his own album.

He said: “My tweet was not about personal questions or eligibility, but about the need for inclusion and the lack of transparency in the nomination process, as well as the space that favoritism, racism and network politics creates and enables to influence the voting process. “”

His comments come after The Weeknd ruled the Grammy “corrupt” after finding out that his hugely successful album “After Hours” was snatched for the 2021 ceremony.

He said at the time: “The Grammys remain corrupt. You owe me, my fans and the transparency of the industry …”

The Grammys have since responded, insisting that they are “surprised” that he was not recognized, blaming the lack of nominations for giving “less” to distribute “than the number of deserved artists”.

Harvey Mason Jr., Chairman of the Recording Academy, made a statement to Rolling Stone magazine saying, “We understand The Weeknd is disappointed not to be nominated. I was surprised and can empathize with what he is feeling.

“His music this year has been excellent and his contributions to the music community and the wider world deserve everyone’s admiration. Unfortunately, there are fewer nominations each year than the number of deserved artists.

“All Grammy nominees are recognized by the electoral body for excellence and we congratulate them all.”