Sustainability Is All the Rage but Financing of Extreme Fossil Fuels Is on the Rise
by Eshe Nelson (Quartz Media) … Last year, when economic losses from natural and man-made disasters exceeded $300 billion, big banks across the globe increased their financing of “extreme” fossil-fuels activities by 11% to $115 billion, according to a new report by a collection of environmental pressure groups. The report, called Banking on Climate Change, describes “extreme” sectors as those with significant contribution to global carbon emissions, which includes oil from tar sands, the Arctic, and ultra-deepwater wells; liquefied natural gas; coal mining; and coal power.
The report—produced by groups including BankTrack, Indigenous Environmental Network, Rainforest Action Network, and the Sierra Club—calculated the financing by 36 banks around the world to the top 30 companies in each of the above sectors and six extra tar sands pipeline companies. It found that in 2017, US and Canadian banks had increased their financing, while other regions including Europe and Asia had overall decreased money lent to these sector. The Royal Bank of Canada, Toronto-Dominion Bank, and JPMorgan Chase were the three leading banks. READ MORE
Banking on Climate Change: FOSSIL FUEL FINANCE REPORT CARD 2018 (Rainforest Action Network)
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