The World Council of Churches is urging religious institutions and individuals to move their assets out of banks that fund fossil fuel expansion. The organization highlights that trillions of dollars continue to flow into new drilling and mining projects, which they term carbon bombs.
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The focus on asset owners is a practical move. Without a global legal ban on new extraction, the only real lever is the cost of capital. If pension funds pull out, the project economics for these carbon bombs fall apart.
True, but redirecting that capital to renewables only works if the grid can actually take the new capacity. I would like to see more on where this redirected money goes. If it just hits a bottlenecked interconnection queue, it does not help the timeline.
The 7.9 trillion figure from the Banking on Climate Chaos report is the main takeaway here. It shows a massive gap between public climate pledges and where the money actually goes.
