Discover and read the best of Twitter Threads about #fossilfinance

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Big #ClimateFinance news - and not from #COP26!
@bankofengland, following the consultation earlier this year, has announced how it intends to green its corporate QE.

A thread (1/19): Image
First, what is corporate QE? Officially named CBPS (Corporate Bond Purchase Scheme), it's one of Bank's monetary policy tools used in implementing its mandate. That mandate, since March this year, also includes support for transition to net-zero economy. (2/19)
CBPS is relatively small (~£20bn, compared to overall QE of nearly £900bn, consisting primarily of purchases of government gilts). Yet it has an important signalling effect for the market - if BOE purchases firm's bonds, it tends to lower their borrowing costs overall (3/19)
Read 21 tweets
Did you catch @BillMcKibben’s article in the @NewYorker last week?

TL;DR? No worries, we summed it up for you. [IN THREAD]

Hint: It’s about the ONE thing we can do to hit the fossil fuel industry where it hurts 🤑… #fossilfinance
@billmckibben @NewYorker "This spring, we set another high mark for carbon dioxide in the atmosphere: 415 parts per million, higher than it has been in many millions of years."
"The summer began with the hottest June ever recorded, and then July became the hottest month ever recorded."
@billmckibben @NewYorker But there’s good news, too: as more and more people are joining in the fight. (See @GretaThunberg, @ExtinctionR and more!)

“The question is, what levers can we pull that might possibly create change within the time that we need it to happen?” Hint: it’s 💰💰💰

Read 11 tweets

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