A new report published this week shows that 33 global banks provided $1.9 trillion to fossil fuel companies since the adoption of the Paris Climate Agreement at the end of 2015 and that the amount of fossil fuel financing has increased in each of the past two years.
The new report, Banking on Climate Change 2019, is the tenth annual fossil fuel report card and the first-ever analysis of funding from the world’s major private banks for the fossil fuel sector as a whole. The report was released Wednesday by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Sierra Club, and Honor the Earth, and endorsed by over 160 organizations around the world.
In addition to finding that 33 of the world’s top banks are supplied $1.9 trillion to fossil fuel companies since the adoption of the Paris Agreement, the report also found that of that $1.9 trillion, $600 billion went to 100 companies that are most aggressively expanding fossil fuels, highlighting business-as-usual practices that fly in the face of the latest scientific warnings from the Intergovernmental Panel on Climate Change (IPCC) which warned that “Limiting global warming to 1.5°C would require rapid, far-reaching and unprecedented changes in all aspects of society.”
Read the Clean Technica story by Joshua S. Hill - “Banks Funneled $1.9 Trillion Into Fossil Fuels Since Paris Agreement."
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