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If temperatures continue to rise, the world is at risk from global sea-level rise, which will flood many coastal cities as seen above in Bangladesh. NurPhoto / Contributor / Getty Images

The mounting climate emergency may spur the next global financial crisis and the world's central banks are woefully ill equipped to handle the consequences, according to a new book-length report by the Bank for International Settlements (BIS), as S&P Global reported. Located in Basel, Switzerland, the BIS is an umbrella organization for the world's central banks.

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Barclays pictured in Blackwall, London, England. Håkan Dahlström Photography / Flickr / CC BY 2.0

Shareholders of one of Europe's biggest banks are pushing for it to stop investing in fossil fuels, in the first shareholder action of its kind targeting a European bank.

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Protesters hold signs at a protest inside JP Morgan Chase headquarters in Manhattan on Nov. 20. As Goldman Sachs divests from Arctic Oil explorations, Rainforest Action Network says the move shows other Big Banks like JP Morgan Chase can too. Erik McGregor / LightRocket / Getty Images

Goldman Sachs, one of the world's largest investment banks, gave a minor victory to the divestment movement by declaring that it will not fund an new arctic oil explorations, as CNN reported.

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More than 400,000 people demanded Credit Suisse stop financing in environmentally harmful projects like pipelines and tar sands. Greenpeace

By Leola Abraham

Growing Resistance

The banking industry should stop funding extreme fossil fuel pipeline projects that impact the climate and violate human rights. These projects are risky for banks as they face mounting pressure from a growing resistance movement and increased reputational risk in a world that is recognizing the urgent need to rapidly tackle climate change to avoid climate catastrophe.

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TIMOTHY A. CLARY / AFP / Getty Images

By Lindsey Allen

On Oct. 16, JPMorgan Chase, Wells Fargo, Crédit Agricole and 91 other global banks met in Washington, DC, to revise the Equator Principles, industry-led due diligence standards meant to prevent banks from supporting environmentally and socially harmful projects.

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At a rally in front of the New York Stock Exchange on Tuesday, community and social justice groups demanded that New York City divest from Wall Street and establish a public bank. 0debtzone / Twitter

Chanting, "Wells, Chase, B of A, public bank's a better way!" social justice groups rallied at the New York Stock Exchange on Tuesday to demand that New York City divest from Wall Street banks and establish a public bank that is "expressly chartered to serve the public interest."

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Pete Markham

By Andy Rowell

Goldman Sachs, the investment bank at the heart of the global economy still doesn't get it.

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