Winrock International Joins BankFWD to Phase Out Financing of Fossil Fuels
April 21, 2021 – Winrock International announced it has joined BankFWD’s groundbreaking pledge to lead major banks in the fight against climate change by phasing out all financing for fossil fuels. Winrock International joins other Rockefeller-affiliated organizations in signing the BankFWD pledge, including the Rockefeller Foundation, the Rockefeller Brothers Fund, the David Rockefeller Fund, and the Rockefeller Family Fund.
Founded by members of the Rockefeller family, BankFWD’s mission is to accelerate the transition to a just, zero-carbon economy by influencing banks to align their business strategies with the 1.5° target of the Paris Climate Agreement, brokered by former Winrock International board member Christiana Figueres.
“BankFWD is excited to welcome Winrock International in our effort to encourage financial leaders to embrace innovation, move beyond the short-term profits of fossil fuels, and develop banking models that will excel in a zero-carbon world.,” said BankFWD Co-Chair Valerie Rockefeller. “To earn the business of the future, banks must face climate reality. The prerequisite is a clear commitment to end support for fossil fuel companies that lack strategies to meet the goals of the Paris agreement.”
BankFWD aims to limit the availability of financing for fossil fuel companies to:
- Make new carbon-intensive projects harder to develop;
- Increase financing for clean energy alternatives;
- Signal to markets that polluting projects are risky investments; and
- Embolden policymakers to pass climate legislation.
“Winrock International is a world leader in the fight against climate change. We believe in the power of markets to incentivize and expedite climate action to mitigate and adapt to climate change,” said Winrock President and CEO Rodney Ferguson. “The power of the financial sector must be leveraged to both eliminate emissions from fossil fuels and to scale the climate innovations that our future depends on. Our commitment to the BankFWD pledge is a natural extension of our mission, inspired by our namesake Winthrop Rockefeller, to empower the disadvantaged, increase economic opportunity and sustain natural resources.”
Momentum in the fight against climate change is building among financial institutions, with a growing number of major banks announcing restrictions on financing for coal mining and Arctic drilling, as well as commitments to measure and disclose their financed emissions – all within just the last few months.
Winrock International is proud to sign on to the BankFWD pledge and invites fellow organizations, companies and individuals to join us in:
- Asking our banks to phase out financing of fossil fuels, align with the 1.5° target of the Paris Agreement while committing to measurable progress by 2030, and lead the transition to a just, zero-carbon economy.
- Advocating publicly for policies and initiatives to combat climate change, and spread the word about BankFWD.
- Actively supporting climate-leader banks, and transferring assets away from banks that fail to show sufficient progress.
Learn more and join the BankFWD pledge at https://bankfwd.org/.