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Risk Channel
North America
Banks increase fossil fuel financing

According to a new report, Banking on Climate Chaos, two-thirds of the world's largest 65 banks increased their financing to fossil fuel companies by $162bn from 2023 to 2024, now totalling $869bn. The shift comes despite the ongoing climate crisis and the banks' previous commitments to reduce emissions. The report highlights that many banks have walked back their climate promises, and notes that four of the five largest fossil fuel financiers in 2024 were American companies, with JPMorgan Chase lending the most at $53.5bn. Bank of America was second, followed by Citigroup, Japan's Mizuho Financial, and Wells Fargo in fifth. David Tong, global industry campaign manager at Oil Change International, said: "By injecting a staggering $869bn into fossil fuel financing in 2024 alone, the world's largest banks fund the climate chaos that fossil fuel companies wreak on people and communities worldwide." 

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Risk Channel
UK/Europe
Top pension fund slashes UK equity allocation

The London Stock Exchange faces yet another setback after Scottish Widows, one of the UK's largest pension funds managing £72bn in assets, said it plans to drastically reduce its UK equities allocation. The fund intends to cut its allocation from 12% to 4% in its highest growth portfolio and from 4% to 1% in its conservative portfolio by January 2026. The decision is part of a broader strategy to increase exposure to US equities and reflects a retreat from UK investments. Simon French, Chief Economist at Panmure Liberum, said the move "was an inevitable reaction" to the recent Mansion House Accord, with funds poised to sell down their UK stock holdings to compensate for the increased spend on UK private assets. This allows them to keep their overall exposure to the UK unchanged. Scottish Widows said that its "new and enhanced pension proposition - Scottish Widows Lifetime Investment - takes a market weight allocation to global equities by default, in line with similar propositions from other pension providers."

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