Recent research reveals that global banks have provided a staggering $7 trillion to fossil fuel firms since the Paris Agreement, raising concerns about the contradiction between financial investments and climate goals.
1. The world’s top 60 banks have collectively allocated nearly $7 trillion to fossil fuel industries since the Paris Agreement.
2. Despite global efforts to curb carbon emissions, private investments have continued to support the expansion of oil, gas, and coal operations.
3. US banks emerged as the largest financiers of the fossil fuel sector, contributing 30% of the total funding provided in 2023.
4. London-based Barclays leads European banks in fossil fuel financing, with investments totaling $24.2 billion.
5. Critics raise concerns about the methodology of the report, citing limitations in tracking financing details and discerning between transition projects and traditional fossil fuel investments.
6. While some banks emphasise their support for transitioning to sustainable energy, questions linger about the effectiveness of these efforts amid significant fossil fuel investments.
7. Indigenous groups highlight the disproportionate impact of fossil fuel extraction on their lands and call for an end to the capitalist model driving environmental destruction.
8. Their support for transitioning to sustainable energy, questions linger about the effectiveness of these efforts amid significant fossil fuel investments.
9. Indigenous groups highlight the disproportionate impact of fossil fuel extraction on their lands and call for an end to the capitalist model driving environmental destruction.
