Wednesday, 24 March 2021

Your Non-Listening Banks

The world's 60 largest banks have reportedly provided almost 4tn dollars of financing for oil, gas and coal companies, since the Paris Climate Accord of 2015 (https://www.theguardian.com/environment/2021/mar/24/big-banks-trillion-dollar-finance-for-fossil-fuels-shocking-says-report). Much of this bank financing was provided to enable companies to exploit new reserves of fossil fuels. One of the major messages from Paris, was the need to keep fossil fuels in the ground, if we didn't want runaway climate change. Worryingly, the provision of bank finance in 2020, was higher than in 2016 or 2017! This takes no account of the global Covid-19 pandemic and reduced demands for oil, gas and coal. Perhaps the Glasgow COP26 should ask the banks why they have a deathwish for the planet?
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