Which means that banks have a major role to play in moving the world away from dirty fossil fuels and toward less polluting forms of energy - but only if they choose to do so. ![]() The most common one is to go to a bank for a loan the other is to sell stock or offer a chunk of future profits - but either way, they need a bank’s help. ” The report found that the 60 biggest private banks in the world have financed $3.8 trillion in fossil fuels in the five years since the Paris climate agreement was signed in 2016.Īlthough 2020 saw a global drop in demand and production due to the coronavirus pandemic, and fossil fuel financing fell 9 percent, the amount spent on fossil fuel extraction projects last year was still more than in 2016 - which means that the practices of the world’s largest banks are fundamentally at odds with the 2016 Paris target of limiting global warming to 1.5 degrees Celsius.įossil fuel companies have a couple of avenues for generating capital for their projects. ![]() That’s according to a recently released report by a cohort of environmental groups including the Rainforest Action Network and the Sierra Club, titled “ Banking on Climate Chaos. As the world careens toward a climate catastrophe, the biggest banks in the world are still financing fossil fuels in the trillions of dollars.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |