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Zero: The Climate Race

The climate activist trying to change banks from the inside

Zero: The Climate Race

Bloomberg

Technology, Business, Science

4.7 • 219 Ratings

🗓️ 18 July 2024

⏱️ 28 minutes

🧾️ Download transcript

Summary

Lucie Pinson is a climate activist focused on the banks that fund fossil fuel projects. But she doesn’t march, chant, picket corporate headquarters, or glue herself to the road. Instead, she and her team at the Paris-based nonprofit Reclaim Finance get to know Corporate Social Responsibility officers, trawl through company statements and portfolios, and join shareholder calls. Reclaim Finance’s strategy is all about finding ways to pressure big financial institutions from the inside– and it works. She tells Akshat Rathi about some of the successes her organization has had, and why even bank employees who don’t care about green issues might find reasons to work with her.

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Zero is a production of Bloomberg Green. Our producer is Mythili Rao. Special thanks this week to Kira Bindrim, Matthew Griffin, Natasha White, Alastair Marsh, and Mohsis Andam. Thoughts or suggestions? Email us at [email protected]. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.

See omnystudio.com/listener for privacy information.

Transcript

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0:00.0

Welcome to Zero. I am Akshadrati.

0:03.0

The summer of heat off it,

0:06.0

but planet over profit.

0:09.0

The summer of heat, that's what's

0:20.0

city's out of the headquarters are calling it.

0:23.2

But some activists prefer to work from the inside, especially when it comes to changing the

0:28.7

financial system.

0:30.8

And what does that look like?

0:32.9

Today's guest has the answer.

0:35.4

Lucy Pinson is the director of the Paris-based climate nonprofit

0:39.3

Reclaim Finance. She doesn't march or pick it corporate headquarters. Instead

0:46.3

Reclaim Finance gets to know the power centers inside big finance. From sustainability

0:53.3

chiefs to investment officers.

0:56.0

Lucy has been at it for a decade now, pushing big banks to move away from financing fossil fuels,

1:03.0

and her efforts have led to some of France's largest banks and insurance companies, including AXA, to stop funding coal.

1:11.6

In May, thanks to pressure from reclaim finance, BNP Pariba announced that it would no longer underwrite bonds for oil and gas producers.

1:21.6

Now, there is still a long way to go, but these are not small wins.

1:26.6

So I caught up with Lucy when she

1:28.8

visited London earlier this summer and we talked about how to break through on

1:33.3

climate with finance wanks We know we need to transition the global economy, including companies and financial institutions that back them to clean energy.

1:57.5

However, in the capitalist economy, short-term profits outweigh long-term risks. But now that many of

2:05.4

these long-term risks aren't really long-term, climate impacts are happening now, many companies are

...

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