Post by account_disabled on Feb 18, 2024 0:21:48 GMT -5
The world is facing a serious climate crisis that is rapidly accelerating. With each passing year, both the number and severity of climate-related disasters, such as heat waves, hurricanes, floods, and wildfires, increase.
Despite the urgent need to prepare for a Middle East Mobile Number List low-carbon economy, banks and other financial institutions continue to lend, invest and underwrite in industries that contribute to climate change, thereby neglecting their social and environmental responsibility , according to Edie .
Global banks to fossils
Companies dedicated to the production of fossil fuels, such as gas and oil, as well as those linked to deforestation, are the main sectors driving climate change. However, most of these companies would not be able to operate without the support of major financial institutions.
According to the new Banking on Climate Chaos report , published in 2021 by several environmental organizations, global banks that support fossil fuels have provided more than $5.5 trillion in financing to projects in the most destructive subsectors, such as tar sands (a form of unconventional oil deposits) and companies pursuing more aggressive expansion that jeopardizes the implementation of the Paris Agreement.
Although many banks have announced commitments to reduce their financing to fossil fuels and increase their investment in sustainable solutions to address climate change, the report shows that many of them are still providing large sums of financing to fossil fuels, which that contradicts its climate commitments and its social responsibility.
Climate change financing continues
Banks make loans that allow companies to expand, and investment banks also provide underwriting services that help companies issue new shares and obtain financing through corporate bonds.
According to the report, the world's largest financier of fossil fuels in 2022 was the Royal Bank of Canada, which provided $42.1 billion, up 4.2% from 2021. The report adds that US bank JPMorgan Chase , which has topped the table As of 2019, it provided $39.2 billion for fossil fuels in 2022.
Meanwhile the French bank Credit Mutel has been increasingly increasing financing to the fossil sector. It provided almost eight times more financing in 2022 than in 2021. Elsewhere, Spain's CaixaBank more than tripled its fossil fuel financing and U.S.-based PNC Bank nearly doubled it.
global-banks-to-fossils-2
Banks of France and the United Kingdom undermine European efforts
While the report makes clear that US-based banks are by far the largest financiers of the fossil fuel sector, banks in France and the UK have also been heavily involved. In fact, they are named in the first places in global fossil banks. Collectively, European banks have invested $1.3 trillion in fossil fuels since the Paris Agreement was adopted.
France's BNP Paribas and Credit Agricole, as well as the UK's Lloyds, are named in the report along with Credit Mutel as banks that have increased their fossil fuel financing year on year.
BNP Paribas is named as the fourth largest sponsor of companies expanding fossil fuel production in 2022, while Barclays is in seventh place. Barclays is also among the top ten tar sands financiers and the top five Arctic oil and gas financiers.
«The era of French leadership is over. Crédit Mutuel has diluted its commitment to stop supporting the expansion of oil and gas […]».
Lucie Pinson, director of Reclaim Finance.
Financing of banks without CSR
Make My Money Matter chief executive Tony Burdon said: “This report shows what has been clear for too long: our banks are in a dangerous relationship with the fossil fuel industry.”
He added that despite the worsening associated with the effects of climate change, the UK's five largest banks - Barclays, HSBC, Santander, NatWest and Lloyds - provided a staggering $37 billion to the fuel industry. fossils only in 2022.
But even more worrying is that $5.7 billion of this went to the world's biggest oil, gas and coal expanders, despite overwhelming evidence that further expansion of fossil fuels risks driving climate change. catastrophic.
«This cannot continue. Banks must listen to science and respond to the growing movement of savers who want to make their money matter by immediately ruling out financing for the expansion of fossil fuels. Time is running out, and lack of action is a failure for people and the planet.
Tony Burdon, CEO of Make My Money Matter.
In conclusion, the report highlights the need for banks to take concrete steps to reduce their financing of fossil fuels and increase their investment in sustainable solutions to address climate change. It also highlights the importance of assessing banks' financing against their climate commitments to ensure they are fulfilling their responsibility in the fight against climate change.
Despite the urgent need to prepare for a Middle East Mobile Number List low-carbon economy, banks and other financial institutions continue to lend, invest and underwrite in industries that contribute to climate change, thereby neglecting their social and environmental responsibility , according to Edie .
Global banks to fossils
Companies dedicated to the production of fossil fuels, such as gas and oil, as well as those linked to deforestation, are the main sectors driving climate change. However, most of these companies would not be able to operate without the support of major financial institutions.
According to the new Banking on Climate Chaos report , published in 2021 by several environmental organizations, global banks that support fossil fuels have provided more than $5.5 trillion in financing to projects in the most destructive subsectors, such as tar sands (a form of unconventional oil deposits) and companies pursuing more aggressive expansion that jeopardizes the implementation of the Paris Agreement.
Although many banks have announced commitments to reduce their financing to fossil fuels and increase their investment in sustainable solutions to address climate change, the report shows that many of them are still providing large sums of financing to fossil fuels, which that contradicts its climate commitments and its social responsibility.
Climate change financing continues
Banks make loans that allow companies to expand, and investment banks also provide underwriting services that help companies issue new shares and obtain financing through corporate bonds.
According to the report, the world's largest financier of fossil fuels in 2022 was the Royal Bank of Canada, which provided $42.1 billion, up 4.2% from 2021. The report adds that US bank JPMorgan Chase , which has topped the table As of 2019, it provided $39.2 billion for fossil fuels in 2022.
Meanwhile the French bank Credit Mutel has been increasingly increasing financing to the fossil sector. It provided almost eight times more financing in 2022 than in 2021. Elsewhere, Spain's CaixaBank more than tripled its fossil fuel financing and U.S.-based PNC Bank nearly doubled it.
global-banks-to-fossils-2
Banks of France and the United Kingdom undermine European efforts
While the report makes clear that US-based banks are by far the largest financiers of the fossil fuel sector, banks in France and the UK have also been heavily involved. In fact, they are named in the first places in global fossil banks. Collectively, European banks have invested $1.3 trillion in fossil fuels since the Paris Agreement was adopted.
France's BNP Paribas and Credit Agricole, as well as the UK's Lloyds, are named in the report along with Credit Mutel as banks that have increased their fossil fuel financing year on year.
BNP Paribas is named as the fourth largest sponsor of companies expanding fossil fuel production in 2022, while Barclays is in seventh place. Barclays is also among the top ten tar sands financiers and the top five Arctic oil and gas financiers.
«The era of French leadership is over. Crédit Mutuel has diluted its commitment to stop supporting the expansion of oil and gas […]».
Lucie Pinson, director of Reclaim Finance.
Financing of banks without CSR
Make My Money Matter chief executive Tony Burdon said: “This report shows what has been clear for too long: our banks are in a dangerous relationship with the fossil fuel industry.”
He added that despite the worsening associated with the effects of climate change, the UK's five largest banks - Barclays, HSBC, Santander, NatWest and Lloyds - provided a staggering $37 billion to the fuel industry. fossils only in 2022.
But even more worrying is that $5.7 billion of this went to the world's biggest oil, gas and coal expanders, despite overwhelming evidence that further expansion of fossil fuels risks driving climate change. catastrophic.
«This cannot continue. Banks must listen to science and respond to the growing movement of savers who want to make their money matter by immediately ruling out financing for the expansion of fossil fuels. Time is running out, and lack of action is a failure for people and the planet.
Tony Burdon, CEO of Make My Money Matter.
In conclusion, the report highlights the need for banks to take concrete steps to reduce their financing of fossil fuels and increase their investment in sustainable solutions to address climate change. It also highlights the importance of assessing banks' financing against their climate commitments to ensure they are fulfilling their responsibility in the fight against climate change.