World’s 60 biggest banks financed fossil fuels by $6.9 trillion since Paris Agreement, report reveals
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According to the 15th annual Banking On Climate Chaos (BOCC) report released Monday, banks such as Barclays and HSBC committed $705 billion to fossil fuels in 2023. Since the Paris Agreement, the world’s 60 largest banks have financed fossil fuels for $6.9 trillion (£5.5 trillion).
This financing includes significant contributions from UK banks like Barclays and HSBC. These figures highlight ongoing concerns about fossil fuel financing despite international efforts to limit global warming to 1.5°C above pre-industrial levels under the Paris Agreement, which came into force in 2016.
Also read: JPMorgan CEO meets Texas AG amid threats to bar banks over ESG policies
The BOCC coalition, comprised of campaign and research groups, analyzed banks’ lending and underwriting activities towards over 4,200 fossil fuel companies.
Lucie Pinson, director at Reclaim Finance, who also co-authored the report, said, “European banks like to claim to be showing leadership when it comes to action on climate change, but they are continuing to channel money into fossil fuel expansion, despite the clear warnings from climate science.”
Also read: Institutional investors with assets worth $1.2 trillion urge Barclays to halt financing fracking
Researchers from BankTrack, Centre for Energy, Ecology and Development, Indigenous Environmental Network, Oil Change International, Sierra Club, and Urgewald authored the paper, which was endorsed by nearly 600 organizations in 69 countries.
The authors noted that every bank was contacted and allowed to review the deals attributed to them.
Coinciding with the report’s release, Barclays faced criticism for labeling billions of dollars in financing for fossil fuel companies as “sustainable.”
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