Encouraging news this week with Goldman Sachs' decision to rule out financing new oil drilling and exploration in the Arctic. The policy change by the US global investment giant brings it in line with a growing chorus of disapproval of the inherent risks of Arctic drilling in threatening the rights of the indigenous peoples and wildlife, as well as worsening the climate crisis.
Aside from this positive news for the Arctic, the growing trend to shift major investment away from fossil fuels is hugely encouraging and surely irreversible. As the outgoing Bank of England governor, Mark Carney, warned in a BBC Radio 4 interview just last week, all companies and financial institutions must justify investment in fossil fuels. Fund managers would, he claimed, "have to make the judgement and justify to the people whose money it ultimately is".
Carney's recent call to action is encouraging as he steps into his new role as UN special envoy for climate change and finance. And we can surely have greater optimism that the new decade will see a rapid acceleration of the investment needed to enable a faster transition towards a zero carbon economy.
At Hyperion we are deeply committed to playing our part in driving forward the energy transition - we do this by helping the most innovative cleantech companies find the best people to do extraordinary things.
More and more, banks are recognizing that investing in a project that would threaten human rights and worsen the climate crisis is an expensive risk that’s not worth taking.