ShareAction
Impact Sector
Economy & Finance
Type of Strategy
Innovate
Project Location
Europe
In a nutshell
ShareAction aims to transform the financial system to prioritize the planet and people, making responsible investment a standard practice. They highlight that Europe's largest banks have inadequate green finance strategies, risking the misleading of stakeholders. ShareAction calls for support in their ongoing engagement with these banks and their investors, asking them to step up and power the net zero future we need. They collaborate with various stakeholders, including asset managers and owners, charities, and individual retail investors, to hold banks accountable. By attending the Annual General Meetings of the world's biggest banks, they are directly challenging the directors for improved commitments to green finance.
Climate Problem
Our banks invest the money we deposit, and the financing decisions they make today influence the world we live in tomorrow. For that reason, the financial system is fundamental to tackling climate change. Without reforming it, other measures to combat the crisis will only have limited impact.
It has been made clear that reaching ‘net zero’ means no new oil and gas fields. Sadly, European banks are some of the biggest culprits in financing fossil fuel projects – even though they’re risky, damaging and urgently need to be phased out. Since 2016, European banks have provided over $400B to the top 50 companies expanding oil and gas production, financing most of that through capital markets.
To reach a liveable future under 2°C global warming, our financial system must phase out fossil investments. This means holding banks accountable by using strategies that hit home. For example, ShareAction works with investors to ensure European banks begin following best practice. If they don’t, ShareAction helps investors to raise their voice at impactful moments – like at annual general meetings (AGMs), where shareholders (re-)evaluate the worth of their investment; or through filing shareholder resolutions.
Project Solution
The global financial system requires a shift away from financing companies that drive carbon emissions towards financing companies that reduce them. ShareAction’s work accelerates that shift. They publish in-depth research to inform investors’ engagements with banks on climate change, spotlight important issues, and lead best practice in the European banking sector.
Europe’s largest banks have a huge role to play to increase the flow of capital into green alternatives, however their green finance strategies have so far fallen under everyone’s radar. ShareAction's recent analysis of the green finance targets and disclosures of Europe’s largest 20 publicly listed banks revealed that most green finance targets are not fit for purpose and risk misleading customers and investors.
"With only a few years left to prevent the worst impacts of climate change, it’s vital that banks ensure their funding accelerates, not hinders, the transition to net zero."
- Operational since 2005
- Team of 98 employees
- Headquarters in London, UK
About the organisation
ShareAction is an independent charity and an expert on responsible investment. They work to build a world where the financial system serves our planet and its people. They set ambitious standards for how financial institutions, through their investment decisions, can protect our planet and its people and campaign for this approach to become the norm. They convene shareholders to collectively push companies to tackle the climate crisis, protect nature, improve workers’ rights and shape healthier societies.
How your donation helps
Supporting ShareAction's ongoing engagement with these banks and their investors will push them to step up and power the net zero future we need. Working with many stakeholders including asset managers, asset owners, charities and individual retail investors will help them understand the issues and help ShareAction hold the banks to account. Attending company Annual General Meetings (AGMs), ShareAction challenges directors directly and this year is attending the AGMs of the biggest banks to ask for improved commitments to green finance. They can’t do this alone and time is running out before catastrophic change is irreversible.
Banks have actionable roadmaps to net-zero by 2050. When ShareAction published their first banking survey in 2017, not one EU bank had committed to net-zero – and now, they all have.
Policymakers revise legislation, so that banks and financial institutions understand their role, and the responsibilities that come with it. Environmentally destructive business practices will no longer be incentivised.
Why we chose the project
"Since its founding in 2005, ShareAction has become one of the most influential organisations driving the financial system to higher standards for responsible investment. Banks’ dependence on fossil fuels is shaping our climate in a very real way; and funding this project could be one of your best investments so far."
Gabriele Liautaud
Lead Grants and Climate Projects, Active Philanthropy
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Seed
KEY SUPPORTER
Grow
PROJECT PATRON
Flourish
CLIMATE CHAMPION
Receive bi-annual reports on how your funded project is progressing
Meet the people behind the project, ask your questions, and build connection (online)
Book an exchange with our Active team to discuss latest trends in climate funding (online)
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ShareAction
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